FHA Loans for Small Multi-family Properties - PBC FL

[Monique Webb]

Hi Bigger Pockets Members!

Monique - super newbie investor, here in Palm Beach County Florida.

I have called and visited several smaller and larger banks and yet, I am unable to find a lender willing to finance a small multi-family property with a low down payment. Credit is over 740, W-2 job reliable and personal DTI below 30%.

Does anyone out there know where one could entertain the thought of a low down payment with a 2-4 unit multi-family property located in PBC?

Any assistance, advice or general ideas are greatly appreciated.

Thanks BP Community!

P.S. I am not opposed to lenders/banks in other areas outside of Palm Beach County, however my first purchase will likely be in eithe Palm Beach, Miami or Broward County florida.

[Wayne Brooks]

Why will they not finance it? 3.5% down, plus closing cost, is standard issue for an fha owner occupied multi. Are they not counting the rents in calculating your new DTI?