What’s The Difference Between Houses And Multi-Family?

What’s The Difference Between Houses And Multi-Family?

Traditionally, when someone’s looking to purchase their first home, they’re typically looking to purchase what’s called a single family home, which means that they’re looking to buy a house where it’s only meant for one family to live in.

But currently, a lot of people are interested in buying their first home as a multifamily, meaning that they will have a property that will consist of hosting for more than one family, meaning they’ll have their unit. And there’ll be other units, such as a triplex or fourplex.

And some people want to consider a duplex as a multifamily as well, so they can lease it out and get income while they’re living in the other unit. And so the good news is that currently the down payment right now is only 5%, whereas traditionally it’s looking somewhere between ten and 25% of a down payment.

So it’s very helpful and advantageous for people to do it this way. So if you have any questions, please leave a comment below. Please share with anyone you think it’d be helpful to. And as always, close with Patrice.