Triplex Funding - FHA Guidlines
Hey there everyone! I'm hoping that Bill Gulley or one of my other favorite resident geniuses will have some new and creative direction on this one. Here's the deal...
I have a friend in Dubai (American citizen, but foreign income), who is trying to by a Triplex here in Dallas. It will be his primary residence. He got pre-approved for the purchase and was set to close Monday. His lender just told him the property doesn't qualify, because of the FHA self-sufficiency test for 3 and 4 until properties.
He has the ability to increase his down payment, but if he does, he's probably going to turn around and go conventional to avoid the PMI.
Does anyone have any experience with FHA financing on the 3 and 4 unit properties and/or any suggestions on the best course to take to just get this thing financed period?
It's a great property, in a fantastic location, but it isn't a "deal". The property doesn't need any rehab, so he's paying near market price for it. At market price, with market rents, it would never be self-sufficient, particularly with the crazy 25% vacancy factor they are applying.
Any help or suggestions would be greatly appreciated.