FHA Loan in CA for multi-family requirements

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FHA Loan in CA for multi-family requirements

David Silva
Palmdale, CA · Member since 2017 · 28 posts · 4 votes

Hello there. I'm newly interested in start my investing career and I'm trying to do it smart. I applied for an fha loan through a credit union and they tell me FHA does not quialify for multi residence. And I'll will requiere a 15% down. Is that really the case?

Or should I look into another bank? 

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  • Nicholas Lohr
    Investor · San Francisco, CA · Member since 2015 · 302 posts · 206 votes
    9y

    Look for another bank! I got an FHA loan in Sacramento CA earlier this year and it was a 4-plex. The down payment required can vary.

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  • David Silva
    OP
    Palmdale, CA · Member since 2017 · 28 posts · 4 votes
    9y

    great thanks!! . I would prefer a 4-plex as well. I was getting a little worry. 

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  • Nicholas Lohr
    Investor · San Francisco, CA · Member since 2015 · 302 posts · 206 votes
    9y

    and make yourself very familiar with the "Self Sustainability Test."

    it says that the appraised rents have to high enough.

    here's a link: 

    http://www.anmtg.com/mortgage-resources/fha-loans/...

    but google it more too.

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  • Gordon CuffePro Member
    Investor · Roseville, CA · Member since 2009 · 1k+ posts · 583 votes
    9y

    @David Silvayou might want to try a mortgage broker because they have many different lenders to choose from. A bank only has one set of guidelines to go by. You can pm me for a list of lenders

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