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Multi-Family Loans

August 6, 2012

A multifamily loan is typically reserved for purchasing a property that houses more than one family. In most cases, these types of loans are given to developers or investors to purchase apartment buildings or condominium complexes. The multifamily loan application can be more detailed than similar financing paperwork, and have stricter guidelines for approval.The lender, or loan originator, may define a multifamily unit applicable for a multifamily loan as any building that contains more than five residential units, apartments, or healthcare facilities. Mortgages are usually financed for a minimum of 40 years for approved limited liability companies (LLCs) and corporations. In most cases, multifamily loans are only approved for 90% of the total value of the property.

Some information from FHA on Multifamily Loans: HUD/FHA Multifamily Loan Programs

Platinum Mortgage Company is currently offering Multifamily Loans, Our loan process is fast and easy. Platinum’s mortgage professionals listen to you and your financial situation. We are here to help you reach your goal, and live financially stress free. Contact us today to apply for a loan!

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