All Forum Posts by: Gregory Corcoran

@Mike McCarthy Thank you so much for the answer to my question about unit number limits. As far as your other question, I am concerned about my father's ability to procure a loan in the amount it would require for a 2-4 unit property in the locations we are looking at. If he can get one, then this question is not relevant. If he cannot get one, then I potentially could own the property outright. I'm just running through the possible options in my head. The original question was because there was a 12 unit property for $1.8 million listed that I was looking at. I don't believe my debt to income ratio would be good enough to get a loan for such a property on my own. Anyway, that point is irrelevant to this discussion now that I know an FHA loan would not work for a 12 unit property.

Thanks again for your help!

My mother recently passed away and my father is looking to move out of his current home and into a new one. A condo, apartment, or duplex would be the ideal scenario for him. 

He is interested in the idea of buying a duplex, triplex, or apartment complex and living in one unit while renting out the other unit(s). 

My questions are as follows.

1. Can you still take out an FHA loan if you have more than one name on the loan? To be more specific, I would like to be his investing partner in this endeavor. Can my name be on the loan and still qualify for an FHA Loan?

2. Can you take out an FHA loan on a multi-unit property? I was flipping through properties and I found a 12 unit apartment complex that might be within my price range. Is there a limit on the number of units that you can use an FHA loan for?

Thanks in advance for your answers!

Greg Corcoran