Texas FHA Multifamily Lenders

[Peyton Leal]

Looking for information on FHA Lenders in Texas that understand the 3.5% down on 1-4 Units.

Don't laugh if you're one of these lenders, y'all are unicorns over here. 

Also, has anyone seen circumstances or FHA Renovation Loans? OR, FHA with personal money to fix up said units?

[Tyler Hodgson]

@Kenneth McKeown is right. We've done quite a few MFHs together. Another option is a 5% down Conventional (HomePossible) that not a lot of people know about. If the FHA appraiser comes back requiring repairs, they typically have to be completed prior to closing.

If you are looking to utilize a 203k loan to roll in repair costs into the loan you are in for a much more difficult loan process (and higher interest rates than a standard FHA 203B). With a 203k loan you will need contractor bids, FHA approvals on those bids/repairs, and funds will be held in escrow and released to the contractors upon completion of the work. The approval and closing process on a 203K typically takes longer than a 203B as well, so you lose some competitiveness in your purchase offer by requested a longer closing period.