Logan Utah/Cache Valley Lenders.

[Ethan Ducharme]

Hey Everyone,

I am looking for advice on lenders people would recommend in the Cache Valley/ Logan Utah area. I am looking at getting my first property, hopefully a 2/4 unit multifamily using an FHA or 203k loan. I am going to be a graduate student this fall with a lower salary so I am interested in finding a lender that will consider my rental units as part of my income in consideration for my loan. Any recommendations would be great.

Thanks!

[Shaun Weekes]

Originally posted by @Ethan Ducharme:

Hey Everyone,

I am looking for advice on lenders people would recommend in the Cache Valley/ Logan Utah area. I am looking at getting my first property, hopefully a 2/4 unit multifamily using an FHA or 203k loan. I am going to be a graduate student this fall with a lower salary so I am interested in finding a lender that will consider my rental units as part of my income in consideration for my loan. Any recommendations would be great.

Thanks!

FHA will count the income on all units at 85% so you're golden in that regard. FHA does have a rule that state all units (even the one you live in) must have rents higher than the P.I.T.I.

Example: 4 unit

Each unit rents for 1k including yours. Your mortgage is 3.5K so you'll be ok in this instance because the rents are higher than the mortgage. 4k in rents and 3.5K mortgage.

I hope this helps and have a great day.