Getting my First FHA loan for a Fourplex

[Grayson Gist]

Hey all,

I have used up my VA loan to buy a single family residence that turned into a rental and a Fourplex. I'm all out of VA entitlement. I am looking to move out of the fourplex this year and into an FHA financed Fourplex.

Since I only have a year of rental history, how should I be calculating my DTI? We want to get approved for a $350k loan and my W-2 job is $70k a year, the rental income for the 5 doors is about $1200 a month.

Will it be hard to find a lender willing to work with my DTI without two years of rental history? Thanks!

[Brian Garlington]

You need to see if you will be eligible for an fha loan first. I found out the hard way that if you are literally within 100 miles of a property you already own, then FHA will NOT give you a loan.

Here's what you can do.

Wait until you get to your next duty station and then use the fha loan  or

Get a loan through Navy Federal Credit Union (You do not have to be in the Navy, you simply need to be on active duty in any branch of the military or honorably discharged)....yes they will let you go zero down with no PMI and you can use it while you have a VA loan in place. The caveat is they will not let you use it on a duplex, triplex, fourplex, however...

You can buy an SFR with it....and if your SFR just "happens" to have an in law unit in it that you just happen to end up renting out to tenants for cashflow then.......

:-)