FHA Owner-Occupied Multi-Family Loan Program

[Account Closed]

We are looking to purchase an OKC four-plex. My question is this:

Isn't there an FHA Owner-Occupied Multi-Family Loan Program requiring only 3.5% down?

We have sold our home and truly do intend to occupy one of the units. The total cost of the 4-plex will exceed the sales price of our home by as much as 28%. We have excellent credit (800s) and can provide the necessary cash/capital reserves to meet the payment requirements.

Will appreciate any feedback or first hand experiences.

Thanks,

Bob

[Austin Youmans]

You are correct on the FHA program.
The only downside is that you have to pay PMI which is about $50 per month per 100k of sale price but talk to your lending agent and they can give you a lot more information.