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Answers (5)
- Isaac Weiser, "The123Mortgage"
- Contributions:14
FHA is for Owner occupied properties; you can keep the FHA loan on the current property and obtain another FHA loan later on or move out of the property in case your work changed and you must move further distance for your job. This is also true if the size of the household increased and you must move to a bigger space to accommodate a bigger family size.
- loanm8kr
- Contributions:11
Another great reason to buy this type of property is that we can use a percentage of the rental income from the other units to help you qualify. The rental income from the property must cover the monthly payments so it must have a positive cash flow. The amount of rent is based on leases or appraiser's analysis of rental income for similar comps.
- Keith Jean-Pierre, "DodgeViper011"
- Contributions:6
The two previous posters hit the nail on the head. The only other component is that you can not have another FHA loan if you are going to apply for another.
- Geoffrey Lavell, "ShortSaleExpertLV"
- Contributions:218
Yes. As long as you intend to occupy one of the units as your Primary Residence you CAN get an FHA loan (keep in mind the property must conform to FHA Guidelines, Habitability,and FHA Loan Limits for your locale).
- shapiroamg
- Contributions:3058
FHA is for Owner Occupied purchase and refinance mortgages. It can be used for up to a 4 unit property.
Can you get a FHA loan if you are wanting to purchase a multi family home?
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