FHA/ Mortgage Banker NY

[Arionnys Honorio]

Hi everyone, I'm a newbie; trying to work on my first property with a buy & hold strategy, looking for a 3 unit multi-family, I've been doing my homework on FHA loans. I already have a preapproval from The Federal Saving Bank; they approved me a $290,000 loan. But the preapproval letter says:

Sales price: 290.000

Loan amount: 279,850

Financing Percentage: 96.5 FHA

Does that means: a) besides financing the 96.5% of the total cost of the propertie, they approved a loan of $290,000 or b) My FHA loan is limited to 290,000 and I have to come with the remaning amount of the total cost of the propertie? The price of a tripex house is way more higher than that here in the Bronx, should I try something else?

Any suggestions, advices, warnings, recommendations... would be greatly appreciated.

Thanks in advance

Arionnys