I am currently looking at investing in a duplex/four-plex in my area. I however recently came a across a piece of land that is for sale that is in a great location and is supposedly coded for multi-family units. So I have a few questions about this.
1. Where I live I can purchase a four-plex for up to 600k with the normal FHA loan. Is the max amount different for a FHA Construction loan? if its not, is buying the land included in that 600k?
2. Will the down payment be different then the normal FHA loan at the min 3.5?
3. I don't have the means to do this buy myself so I have a couple other investors, what would be the best way of going about that? just a side note this will be my first home purchase. I will be living in the four-plex, the other two will not.
4. Would there be a way to have one of the investors purchase the land and the for me to build on top using the FHA construction loan?
Let me know what you guys think! any feedback would be very helpful.
