Bankers on FHA loans

[Dylan Osmon]

Are some lenders "better" or more versed in using a FHA Loan. I already own a property through a conventional loan and I am ready to buy my next. I want to use the all to powerful method of using a low money down FHA loan for my 3-4 unit I am looking for.

I called my lender I have worked with before to inquire about my eligibility of such a loan. He swore up and down that you can't use a 3.5 down FHA for more than 1 unit. Am I crazy or has it not been mentioned in the last 5 books I've read.

I am guessing that some bankers deal with FHA guidelines much much more. Is this correct? If so, time to talk to a new banker, at least for this loan... What's a good tactic for finding a well versed lender in this field??

[Jason Wray]

Dylan,

Yes you can buy a MF home with FHA 3.5% down. The problem your going to have is if your already a home owner with a primary residence. FHA has specific guide lines that require the borrower to prove they are buying as a primary residence and not for investment purposes. Typically it must be larger in square footage and value, closer to work or school and you must be occupying the home within 60 days and for 12 months.

Most lenders have overlays so to answer your question some banks/lenders are better and Yes some bankers are a little more versed in programs and guide lines.  You want a fully delegated bank/lender with no "Overlays" to ensure an internal underwrite and best over chances for an approval.