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Updated over 5 years ago,
Multi Family with Commercial Storefront FHA loan possible?
I am a Canadian real estate investor but will be immigrating to the US in the next year and have been studying up on the differences between the real estate market in both countries. One loan type I have heard a lot about is the FHA loan which from what I have read can be obtained for as low as 3.5% down on an owner occupied property.
I plan to purchase a 1-4 unit multi family property for my first house hack in the US but I recently came across a three unit which has a currently occupied commercial storefront in the property.
Is the FHA loan still applicable in this case? How best can I evaluate the price on this mixed use building? any other tips or pitfalls to watch out for in a building like this?