Brendon Seiffert
FHA self sufficiency question
Could someone help explain the self sufficiency rule with FHA loans? Looking for a clearer answer and the lady at the bank isn’t quite sure and is waiting to hear from her under writers, which won’t be till tomorrow.R...
Robert Andersen
FHA Self Sufficiency Test
Hi, I'm doing research on buying my first 3/4 unit apartment building in Chicago with an FHA loan. I have some question and confusion about the self sufficiency test.
1) When adding the income for your total net ren...
Francisco Feliz
FHA Self-Sufficiency Provision
Hi everyone,Is anyone familiar with the self-sufficiency test on FHAs with respect to buying a multi-family? I was told that it's a recent-ish provision that has made several FHA loans fall through. Apparently, 75% of...
Daniel Tineo
FHA Self Sufficient Test
Hello All,Is it possible to by pass the self sufficient test when buying a 3 or 4 unit property? I was approved for an 800k FHA loan based on my income alone. Rental income was not included when calculating buying pow...
Maen Abu Khater
FHA Self Sufficiency Test
BP Community, There is a Multi-family (4-plex) that I am interested in purchasing. Currently all 4 units are 1 BD 1 BATH Units and with the current market rents for 1 BD 1 BATH..... The property doesn't pass the FHA S...
Matt McMacken
LLC self sufficient to bank?
As some of you already know theres many wonderful advantages of owning real estate come tax time. For example, I’m able to show a rather small profit on each rentals due to depreciation and other expenses even though ...
James Smith
FHA Self Sufficiency Test Question
Ive received conflicting guidance and just want to confirm...For the self sufficiency test, If a tenant has a month to month lease, will the appraiser use fair market rent values instead?If a tenant has an expired lea...
Anthony Salazar
Self Sufficiency Test with AirBNB
If I'm buying a multifamily property can I use the income they would produce as STR's to pass the FHA self sufficiency test? The listing includes the amount each unit grossed with AirBNB last year.
Daniel Coleman
Failing FHA self sufficiency test options
Hello All,I am actually helping a friend who is trying to purchase a quadplex, but a very unique quad plex. THis partular quad is a single parcel, but actually is as follows:2bd 1 bath 1100sq ft SFH2bd 1 bath 900sq f...
Brandon Bell
Multifamily FHA Self-Sufficiency Test Question
I am trying to close on a 4-unit multifamily property using FHA lending through Lender A. My W-2 income alone qualifies me for the purchase of the multifamily property. The Self-Sufficiency Test does not pass the requ...