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Updated about 3 years ago, 11/04/2021
Getting Lenders for Multifamily
I've been talking to several lenders to do FHA loan for a triplex in Colorado Springs $530k. I currently house hack a 2/2 Condo and would rent it out. Lenders won't accept any profited rental income towards my income but will cancel out the debt if I provide them a lease. All good so far but this is where I ran into trouble... I'm told that if I'm going to rent out my current primary residence and purchase a multifamily (Triplex) as my next primary residence, according to FHA rules that property must be more than 100 miles away from my 2/2 condo. Because of this I won't be able to go the route of a multi-family property as my next property (One that the numbers work and in good location that is).
Has anyone run into this type of trouble before? And have any advice or good lenders to work with to help in this situation?
- Tanner Pile