Updated over 7 years ago on . Most recent reply
FHA for a four plex
Hey guys, just wanted to get some feedback from you folks. Im currently in the process of getting prequalified. I'm prequalified for a single family but the lender and realtor is saying for now I am not qualified for a multi. Any reasoning to that? I meet all the requirements for an fha loan.
I am out here in Hawaii and found a 4 unit property for $1,250,000. 2 two story duplexes on one lot.
1st house
Upstairs unit - 3 bed 1 bath $2500 rent
Downstairs - 3 bed 1 bath $2500
2nd house
Upstairs 2 bed 1 bath $2000 rent
Downstairs 1 bed 1 bath $1100
I plan on occupying the 1 bed unit.
Are there any "fha" calculators I can do on my own to find out if I could qualify for certain properties?
Any help is appreciated.
Thank You!
Most Popular Reply
Looks good to me. Google says FHA loan limit is $1,265,000 for a quad over there.
Many lenders aren’t familiar with using an FHA on a multi-family property. Insist that it’s allowed and or look for another lender.
Also make sure that you’d be able to occupy one of the units within 60 days of closing.