All Forum Posts by: Katrina Sokolosky

Hi Katrina, You can buy multi family with FHA as long as you plan to occupy one of the units. I'm not sure why your lender would say you couldn't. Is your current home on an FHA loan? The only thing I can think of is that they are being cautious of the rules that apply if you try to get a second FHA loan. To get a second FHA loan the scenario has to look really solid as to why you are moving. Saying you are moving to build your investment portfolio does not usually work, thus moving from a single family to a multi family doesn't look great to underwriters. Reasons like relocating for work, better school systems, or more size for a growing family are preferable.

Long story short...you CAN get a multi family FHA loan. I've done it for many borrowers without an issue.

I currently have a conventional loan on my single family home. I have never had an FHA loan

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Quote from @Kerry Noble Jr:

Just want to make sure im clear....you already used an FHA loan on your current home?

Hi, no I have a conventional loan on my current single family home

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Quote from @Kristen L Garner:

Long story short...you CAN get a multi family FHA loan. I've done it for many borrowers without an issue.

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Hi! I am in the process of trying to purchase my 1st multi family house hack.

My plan is to take a HELOC on my current single family home & rent it out. And move I to the multi-family.

I reached our to a mortgage lender & he is saying the only way I can purchase a multi-family is to purchase a single home with a separate accessory unit on the property (like a separate cottage or such) versus a duplex/triplex.

I need to take advantage of the 3.5% down in order to make this work.

Why would it have to be a separate accessory on the property vs a duplex/triplex?

I'm Confused?

Thanks in Advanced,

Katrina

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Hi! I am in the process of trying to purchase my 1st multi family house hack.

My plan is to take a HELOC on my current single family home & rent it out. And move I to the multi-family.

I need to take advantage of the 3.5% down in order to make this work.

Why would it have to be a separate accessory on the property vs a duplex/triplex?

I'm Confused?

Thanks in Advanced,

Katrina

0 Votes

All Forum Posts by: Katrina Sokolosky

Katrina Sokolosky has started 2 posts and replied 16 times.

Post: House Hack finance Question

Post: House Hack Finance Question

Post: House Hack finance Question

Post: House Hack Finance Question

Post: House Hack finance Question

Post: House Hack Finance Question