Can You House Hack Multiple SFRs On Single Tax Lot?

[Randy (RL) Williams]

This may be an area specific question, but I was hoping someone would be able to give me a quick answer to this question.

I'm looking to help my step-daughter and her BF get into a multi-family. I've found a pretty good deal on 3 SFRs on a single tax lot. I was wondering if this can be bought using an FHA/VA loan for owner occupied using the rental income as part of their income.

Also what's the general rule of thumb for a down payment % on such loans... contact lender or mortgage broker? I did one of these deals on a duplex many years ago but everything was done for me by my RE agent. So any and all input will be much appreciated.

Thanks,
RL

[Alberto De jesus]

Is the property assessed as a multifamily or 3 SFRs?

For fha, generally you need to have the following requirements

1. 3.5% down

2. 580 credit score

3. The owner needs to occupy the property.

4. Property needs to be in what the bank considers rentable condition.