75% rental come rule FHA loan

[Bintou Diallo]

HELP! it been 3years now I’m trying to buy a property but it seems impossible for me. I been under contract for with few properties but things always goes wrong.

I am under contract with a 3 family multi unit in New York with FHA loan 3.5down deposit property cost is 1mil. I got declined for not meeting the 75% rental income paying for the Whole mortgage. I really want this property.

my question is are there any banks that you might know who are willing to over look that requirement and help me close on the property??? I make over 200k a year. My income is not a problem. Please help me find a bank that have a chill under writer who can approve my loan because I don’t want to pay over 200k down deposit that’s literally all of my cash. Thank you.

[Devin Peterson]

Quote from @Bintou Diallo:

HELP! it been 3years now I’m trying to buy a property but it seems impossible for me. I been under contract for with few properties but things always goes wrong.

I am under contract with a 3 family multi unit in New York with FHA loan 3.5down deposit property cost is 1mil. I got declined for not meeting the 75% rental income paying for the Whole mortgage. I really want this property.

my question is are there any banks that you might know who are willing to over look that requirement and help me close on the property??? I make over 200k a year. My income is not a problem. Please help me find a bank that have a chill under writer who can approve my loan because I don’t want to pay over 200k down deposit that’s literally all of my cash. Thank you.

Unfortunately these are the times we are dealing with when it comes to house hacking multis using FHA. 3 families are trickier especially. There really is no easy alternative solution for you here. If you can do either 15-20% down you will open up a few more doors / options. Other than that, your income is too high for any affordable programs. 3 families and FHA almost never work now a days.