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Updated about 2 years ago on . Most recent reply
Can i use a FHA loan to buy a triplex rental property?
I am trying to decide the best way to get into real estate and I am leaning more towards the triplex investment route. I would like to know if I am able to use an FHA loan to purchase the triplex but we will live in one of the units. Is that an option? If you have any tips for dipping my toes in the real-estate world, well I'm all ears!
Most Popular Reply
Quote from @Patrick Drury:
@Colten McCarroll
With FHA you can buy up to a 4-unit as long as you owner occupy it. Anything beyond a 4-unit would be a commercial loan. Keep in mind with a 3-4 unit FHA property, you will need to pass the Sustainability test. They want to see that the rent coming in will cover the mortgage. I would reach out and ask your lender for more specifics.
Thank you for the information!