JUMBO Loan? FHA? Tampa

[Aaron Garbade]

BP! I am working on acquiring a house hack in the Tampa area.. I have prospects and I am approved for a loan but the down payments that I am being quoted are not manageable. My DTI is good, I have 100% equity in another asset and all of my other properties are cashflowing.. but I am being told that if I buy a 3 or 4 plex I will have to put down 25%...Duplex 15% but if the loan amount is over 545K I am responsible for increasing my down payment. Can someone help me understand all of this?

[Zack Karp]

@Aaron Garbade let me shed some clarity for you...

Conventional max financing: 15% down for a 2-unit, 20% down for a 3-4 unit

Conventional max loan amount in Tampa: 2-unit $702,000, 3-unit $848,500, 4-unit $1,054,500

FHA max financing: 3.5% down for 2-4 unit

FHA max loan amount in Tampa: 2-unit $456,275, 3-unit $551,500, 4-unit $685,400

The max loan limits will be increasing SIGNIFICANTLY for 2022, if you're not in a hurry.

Best of luck!