Problems finding lender that will do FHA on a multifamily

[Edgardo Lecona]

Hello everybody!

I'm looking to buy a multifamily property and househack. However, the problem I am running into is that banks are requesting 20-25% down even if it is an FHA loan. I can't seem to find a bank/lender that would do it as discussed in many of the books and research I've read stating that as long I will use it as my primary residence, would only require 3.5% down (roughly).

Is this still an option in todays market? Currently in California looking in the Bakersfield area where multifamily range from 200k - 400k.

I'd appreciate any feedback.

Thank you!

[Nate Sanow]

@Edgardo Lecona

I say this a lot but finding a lender is like dating. Don’t get married on the first date. Give yourself time to find the one. Be a little bit hard to get and not too desperate. Understand that lenders are often terrible at selling their money even though it’s the only way they get paid. They’re even worse about making sure you know what the difference is between their policy and the actual rules. When you find “the one” you will hear an eagerness from them that stands out above the rest.