All Forum Posts by: Kurt Loban

Thank you Russell. Learning new terms every day.  

Can this be offset by the proportion of the down payment? Let's say that the self sufficiency test is off by 5% in rents after it is appraised, but in order to satisfy this there is some sort of proportion down that could help this, IE, instead of 3.5% down they'd require 4.5% down? 

I am new to real estate but looking to dive in deep. One of my business partners lives in Orange County and I will be moving in the next 2 months into an apartment, so Orange County is where I will have to be due to my other business. I am looking to purchase a 4Plex in the next ~6 months via an FHA loan. For that area, the maximum FHA loan amount appears to be $1.4MM, but please correct me if I am wrong.

Aside from the 3.5% down, I have also read there will be 1.5% PPI and closing fees, so should expect to spend 6%, but can refinance the PPI after a year or two. I plan to live in the unit for at least 1 year, have a FICO credit score of 800+, made ~$400,000 last year and projecting at least $250,000 this year, and about $45k left on a car loan. I also have a decent chunk of assets tucked away in my 401k, stocks and Crypto. 

Does anyone have any recommendations of companies to get an FHA loan from, or real estate agents that work in that area? Thank you.