FHA Loan Requirements

[Carlos Contreras]

Hello my BP family! So I've been shopping around local banks and credit unions, and one of the credit unions called me today asking about what I am currently looking into buying. I told them I was interested in buying a duplex within the 150K-250K range. I, also, told them I was wanting to use an FHA loan. I was told, for a duplex, I would have to put 15% down and the closing costs would be 3%. Does 3% seem high for closing costs? Also, is it certain banks and credit unions that ask for 15% down? Thank you everyone in advance!

[Gregory Schwartz]

@Carlos Contreras I would continue to shop around. Most lenders offer FHA loans. I just helped a client buy a 4-plex with an FHA loan. Super easy process. If you want I can give you some lenders I know locally. Just DM me.