FHA CONSTRUCTION FOR DUPLEX??

[Josue De La Torre]

How is everyone doing? I hope this post finds everyone well in the middle of all of this. (covid 19) 

I wanted some insight from anyone with experience about using an FHA construction loan.

My initial plan was to purchase a 4-plex using a 203k loan which allows one to purchase and rehab. 

I have not had a whole lot of luck finding discounted or off-market 4-plexes AND it seems to me that I won't be approved for a loan on a 4plex. 

My plan is to shift to a duplex using a construction loan and build it cheap enough to have some equity off the bat. Another immediate reason is to live in one and rent the other to minimize monthly expenses, specifically the cost of living. 

I wanted to go the FHA route because of the low downpayment BUT if conventional is needed, I might very well go with that.

Again, any insight or recommendations are appreciated!