Finding funding for FHA quad

[Chanise P.]

Hi All!

I've been soaking up tons of info over the last year and a half and getting my credit scores and savings up to par and finally feel able to pull the trigger on investing. This is my first post to the forum.

I currently have a few savings/checkings account with 3 credit unions (navy federal, merck employee, and american heritage). I checked with 2 of the 3 so far and have found some weird policies with FHA loans for quads. Navy Federal just flat out doesn't offer it(2 units or less). Merck's rates arent the greatest and I have an appointment with a mortgage specialist at American Heritage.

My question is..has anyone experienced this previously? Is there a way around this? I researched FHA and found that you can get a quad with that loan but this is pretty disheartening info i'm learning from my banks.

Also Navy Federal has amazing rates and i would LOVE to use them but i got a closing cost quote and it came in at $22k!?! Isn't that excessive for closing costs? This number didn't include the 3.5% downpayment on a 275K loan.

Any advice is appreciated!