Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 6 years ago,
FHA self sufficiency question
Could someone help explain the self sufficiency rule with FHA loans? Looking for a clearer answer and the lady at the bank isn't quite sure and is waiting to hear from her under writers, which won't be till tomorrow.
Right now looking at a triplex with a estimated payment of $1779.52. Since it'll be an FHA loan I'll need to live in one unit. The other two units rent for $800 a month, for a total of $1600.
Does this mean it does not pass the self sufficiency test? Even though if I wasn’t living there I’d be able to rent the entire thing and cash flow it a few hundred a month?