Interested in Buying a Duplex, Triplex or Quadruplex Investment Property in Long Beach?

A. Map of unit properties

But you think maybe you can't afford it? If you're a first time buyer, which also includes buyers who have owned no property within the last 3 years, you may have the ability, depending on certain factors.

First of all, most down payment assistance programs are for owner occupied properties, which  means if you want to buy 2-4 residential units, you would occupy one of them. To many buyers this is very attractive because the rents could contribute to the mortgage.  So under current down payment assistance programs available in the Long Beach area, there could be as many as 12 programs from which as much as $67,375 could be available for a 4-unit property asking $1,225,000 for a single buyer making $100,000 annually. If the buyer was a veteran, firefighter, law enforcement, surviving spouse, and a few other categories, there could be additional benefit. 

 The map shows current Long Beach unit listings of all sizes; the graphic below shows the link that leads to the Down Payment Resource guide and more information for the buyer.  This link is not on all properties, and not all lenders do these programs. To find out more, please contact me for finding a loan officer if you are not able to search one yourself.  

B. Down Payment Link

It's important to know that ownership is possible for buyers who want to take the time to find the right program and the right property. Only properties 4 units or less, including single family homes, qualify.

 The down payment link is only in MLS-connected search programs, and is only featured on eligible properties.  To search independently just go to https://www.abodes.realestate/find-your-property-here -- no sign in is required. For further assistance, if you currently do not have an agreement with an agent which does not restrict you from buying in Long Beach, I can help you along your buying path and would be happy to discuss with you what will help you  get there.

The property search at the above link probably works best on a desk top computer, however, it is also accessible on tablets and phone screens (kind of small).  To look at a smaller group, search by zip code. 

 

 

 

 

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

Interested in Owning/Living in 2-4 Unit? New Lower Down Payment

Mediterranean duplex style

 New loan limits are in place for 2024, by both FHA (Federal Housting Administration) and FHFA (Federal Housing Finance Agency).  FHFA is the regulator of both Fannie Mae and Freddie Mac loans. The new conforming loan limit is $766,550, an increase of $60,000 over last year's limit.  For FHA loan, popular among first time buyers, the limit is $498,257.  But due to higher cost markets in some areas, in California, New York, the District of Columbia, Hawaii and other pricey markets, the limit for FHFA conforming loans in 2024 will be set at $1,149,825.  

Also, as of last November 18, 2023, FNMA is accepting 5% down payment on 2, 3 and 4 unit properties.  They must be owner occupied in at least one unit.  This lower down payment allows the purchaser to put more money towards standard purchase costs, property maintenance or reserve funds for the future.  To obtain qualification information, the buyer needs to contact an experienced loan officer for more information on all loan limits and financing. A buyer should also learn about owner/tenant laws, and more, assuming other units will be rented out, which of course brings in income on the property. This lower down payment is a huge benefit to buyers interested in residential multi-unit purchases.
For representation to purchase a property and assistance with all contract and disclosure aspects of buying, please contact me, a REALTOR since 1994.

 PROPERTY SEARCH:  Find multi-family units at this link and complete the form for residential income, select "active", and then under "property subtype" select (use control button) duplex, triplex, quadraplex, multifamily, and then click "Apply".  Long Beach and Lakewood, as of January 17 have approximately 48 active multi-unit listings in the MLS at all prices. Some listings may show a "Down Payment Resource" link to another site for financial information for the buyer, as well as directions, map location of property, and other tax and feature information.

This search box may be used in multiple areas for multiple types of properties. Please contact me for further information about areas.  The information you see at this link is directly from the MLS, however if you have questions or are looking for in depth assistance, please let me put my experience to work for you.

Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996