FHA Loan for Primary as a Real Estate Investor

[David Qian]

Hi guys, first post here: 

Has anyone had any experience with obtaining an FHA Loan for their primary residence as a full time real estate professional? More specifically if you own multiple investment properties and they show up on your Schedule E do you need to provide detailed information on each of the properties/including lease agreements etc? - I'm a full time real estate investor with a few dozen multifamily properties with multiple units each so there are over a hundred tenants. I have never gotten a residential loan before, all the mortgages I currently have on the multifamily properties are commercial loans.

Going through the FHA process has been a headache for me because the underwriter is asking for a lot of information for each of the properties including the signed lease agreements for all tenants. There are hundreds of pages of leases as we have over a hundred tenants. I'm going through the FHA process because this is a loan assumption and able to get a very favorable rate.

I'm wondering if anyone has gone through this process being a pure real estate investor (no W2 or other income) and how they would handle this situation. Is there a better way then compiling so much information? Additionally I've been reading there are compensating factors for FHA loans, I'm wondering if I can show more liquid assets (already putting 20% down for this purchase) so I could get a faster approval without all the other detailed information such as leases.

Thank you in advance,

~David