FHA loan for 3 and 4-plex in California

[Gina Williams]

 I’m looking at a 3-plex corner building with a full 3 bedroom house and a separate duplex, nice property. It is 800k in Los Angeles,Ca. In this neighborhood, the house will rent for $3000 per month, the other 2 two bedroom duplex rents for $1100 and $1500, below market rate. Th total is $5600.

I was told that with. 3.5% down fha loan for 3-plex, Your mortgage payment has to equal 75% of the rents which would equal $4200. Is that a true fha rule? Would I not qualify for this because rents do not qualify me? My daughter and I will be doing this together. We both have over 700 fico midscores and very good incomes...She would be owner occupied ( she currently owns a conventional condo) and I would be the other non owner occupied owner( I own an fha home). Could all of this work with a 3.5% down? We don’t have the 20-25% down payment. Can someone give me info please?

[Rudy Vazquez]

@Gina Williams from Upland, California

I strongly recommend speaking to a Mortgage lender experienced with Multi-Family homes. 

Only because, those numbers are very fluid, they will change, depending on the overall acquisition price. 

Too bad you are in Upland, otherwise, I could refer you to some down here in Los Angeles. 

-Rudy Vazquez