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Updated about 8 years ago,
Can I get an FHA loan for a 5plex?
Hello all,
First post on Bigger Pockets, love the podcasts and just starting to get into the community. I am 20, very interested in real estate as a form of income/tax shelter. I've done some cursory research as I graduate in a year and want to best position myself.
After graduating in January I will likely move in with my family for 6-9 months and be saving significantly. I would like to put some of that saving towards a downpayment on a multiplex, and given that a 5plex would be considered commercial and not residential, and this is where my interest lays, I think it would be an ideal fit. However, obviously these properties are very expensive. So, I am wondering if it would be possible to get an FHA loan for such a property. I would be in the NJ/NYC area for reference.
Thanks in advance for any help!
Best,
Larry