FHA financing of a multi unit property

[Brian Barcelona]

Hello, 

I'm looking to FHA finance a 3 unit property in south Florida.

I was told by one lender that that would not be possible; I find that hard to believe. 

Would someone be able to explain to me FHA requirements on Multi Units?

[Stephanie P.]

Originally posted by @Brian Barcelona:

Hello, 

I'm looking to FHA finance a 3 unit property in south Florida.

I was told by one lender that that would not be possible; I find that hard to believe. 

Would someone be able to explain to me FHA requirements on Multi Units?

There are a lot of different reasons why it may not be possible.

• Must be owner occupied
• On properties over 2 units, FHA has a self sustainability requirement. Does your property qualify?
• Could be debt ratio, down payment, credit score etc...

Try Home Possible. A little more down, but no self sustainability requirement and less in mortgage insurance that can go away vs. FHA that never does.

Stephanie