FHA Tri/Quadplex Lenders?

5 Replies

Hello wonderful community that has taught me so much!

I am currently trying to find a lender for an FHA loan that will allow me to purchase a Quad and live in one unit. Also if you know if this leader will allow me to use 75% of the rent income towards my income to qualify. (Not a huge deal if doesn't)

Any other specifics or hold ups that could happen with the lender you suggest would be beneficial! 

Location : Alabama (If needed)

Thanks,

Randall Brooks II

@Randall Brooks Thank you for your service.

Both VA and FHA loans allow you to buy 1-4 unit properties as long as you intend to live in one of the units. Both require that you have landlord experience (at least 2 yrs with tax return evidence) to count the rent towards income. Even if you meet that requirement, the units have to be rented (already occupied or signed lease to start after closing) to use future rent as income.

Not saying it can't be done, but VA and FHA has strict requirements that all lenders have to follow. Don't let a lender tell you that they can do something that the agencies will not allow. It will just be a rude awakening later in the loan process.

You can also your conventional loan to buy a multi-unit. It all comes down to your financials, how much you have for down payment and how much monthly you are looking to keep it at. A good Mortgage Banker should be able to help you analyse your options.

Good luck.

Upen Patel
Mortgage Banker
Federal NMLS# 1374243

@Randall Brooks

I use a very good online lender, send me a message if you want her number.  I can't post her details on here for everyone to see but she will help you out and has done right by me over 3 loans so far.  I don't get any referral payment so you can rest assured I'm not promoting her because I get paid.  

Good luck with your upcoming purchase.