4 Plex with FHA Financing

[Dave McCulley]

I am looking to get into a multi-family house hack next year and originally I was looking at duplexes. I have now turned my attention to 4-plexes. I am in the south Texas area. I want to try to get in with as a little down as possible using the 3.5%. I know this comes with PMI and MIP so monthly will be higher than without, but lowers the barrier to entry significantly.

Does anyone have any info on what other barriers there might be to entry? I am looking at new construction, going to live there for a year and then change to a conventional and do it again.  I know it would be better to get one and build equity into it, but I'm not ready to go that far on the house hack.

What are current interest rates?  Trying to get some info early so when the times comes I'm ready to go.

If it's new construction, obviously there won't be tenants so I would not be able to use the 75% of monthly expected rent? or would this still be applicable based on what I'm expecting to charge?

Anyone with duplex, triplex, quadplex I would love to hear from you.