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Updated over 7 years ago,

User Stats

3
Posts
1
Votes
Patrick Blackwell
  • Kansas City, MO
1
Votes |
3
Posts

FHA Loan down payment question

Patrick Blackwell
  • Kansas City, MO
Posted

Is it possible to get an FHA mortgage on a Fourplex property for 5% or less as a down payment?

Thanks

User Stats

98
Posts
54
Votes
Francesco G.
  • Rental Property Investor
  • Scotch Plains, NJ
54
Votes |
98
Posts
Francesco G.
  • Rental Property Investor
  • Scotch Plains, NJ
Replied

I think if you're going to owner occupy it may be possible

User Stats

472
Posts
257
Votes
Michael Cohen
  • Investor
  • Towson, MD
257
Votes |
472
Posts
Michael Cohen
  • Investor
  • Towson, MD
Replied

Hi @Patrick Blackwell - an FHA loan assumes it's owner-occupied, so as long as you live in one of the units as your primary residence, then the down payment for 1-4 units is 3.5% of the purchase price.

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User Stats

3
Posts
1
Votes
Patrick Blackwell
  • Kansas City, MO
1
Votes |
3
Posts
Patrick Blackwell
  • Kansas City, MO
Replied

Thanks for the response, could you expand on what factors impact this decision, I have been advised 15% is the minimum for a 4 unit and 10% is the minimum for a 2 unit. 

User Stats

472
Posts
257
Votes
Michael Cohen
  • Investor
  • Towson, MD
257
Votes |
472
Posts
Michael Cohen
  • Investor
  • Towson, MD
Replied

They're talking about conventional loans, rather than FHA. On a conventional loan, the minimum Loan-to-Value is:

  • 1 Unit 95% (5% down)
  • 2 Units 85% (15% down)
  • 3 & 4 Units 75% (25% down)

FHA is 3.5% down for 1 through 4 units.

User Stats

2,367
Posts
746
Votes
Harjeet Bhatti
Pro Member
  • Lender
  • Glenview IL- CDLP NMLS#230554
746
Votes |
2,367
Posts
Harjeet Bhatti
Pro Member
  • Lender
  • Glenview IL- CDLP NMLS#230554
Replied

3.50% under FHA and 5% under Home Possible for primary residence. 25% down payment for investment.

  • Harjeet Bhatti