Four-plex FHA

[Rodney Wehr]

Hello!

Well my wife and I purchased a single family home a year ago and have successfully converted it to a triplex - and its going great, I'm happy to say. We are selling a SFR in Eagle River and have an opportunity to purchase a fourplex that will cashflow with only three units rented.

The only way we will be able to make the purchase is with an FHA loan. We have the down payment, but the closing costs are close to $10,000 and we don't have that money. We do have compelling reasons to move and qualify for the FHA loan so that shouldn't be a concern. We do not have FHA financing on any other loan. Ideas to cover closing costs?

What options do we have?  

Closing cost assistance?

Borrowing from friends/family?

A loan originator that I worked with before mentioned something about raising the interest rate to cover the cost? No idea what that means. 

Any help would be appreciated.

Thanks!

Rodney