Financing with FHA loan

[Mireille Tribie]

I was thinking of using an FHA loan to purchase a triplex since up to a 4-plex is considered residential so I thought of using FHA. I just found out about the FHA self-sufficiency rule that does mot qualify triplexes or quads for financing. Can anyone give me more information on this please?

Thank you

[Grant Schroeder]

Thank you for the shoutout @Chris Davidson! I appreciate you!

@Mireille Tribie what state are you currently looking to buy in? There are creative way to work around the self-sufficiency test for FHA on 3-4 units, but FHA is most optimal for a duplex since you do not have to deal with the self sufficiency test. You could also do 10% down and no MI with our Academy Investor loan for a 1-4 unit property, and it is non owner occupied so you do not even need to live in the property if you do not want to.

You could also do 5% down on a 2-4 unit with a Conventional HomePossible loan as this is another great house hacking tool that not many lenders have access to. We are able to use it at Academy Mortgage and I would be glad to hop on a call and walk through the details if that would be helpful to you?