FHA Loans for Small Multi-family Properties - PBC FL

7 Replies

Hi Bigger Pockets Members!

Monique - super newbie investor, here in Palm Beach County Florida.

I have called and visited several smaller and larger banks and yet, I am unable to find a lender willing to finance a small multi-family property with a low down payment. Credit is over 740, W-2 job reliable and personal DTI below 30%.

Does anyone out there know where one could entertain the thought of a low down payment with a 2-4 unit multi-family property located in PBC?

Any assistance, advice or general ideas are greatly appreciated.

Thanks BP Community!

P.S. I am not opposed to lenders/banks in other areas outside of Palm Beach County, however my first purchase will likely be in eithe Palm Beach, Miami or Broward County florida.

Why will they not finance it? 3.5% down, plus closing cost, is standard issue for an fha owner occupied multi. Are they not counting the rents in calculating your new DTI?

Are you planning on living in one of the units Monique? If so I'm surprised with your stats that no one is willing to finance the loan. Do you already have the property under contract? Without knowing more details hard to advise. Have you looked into community homebuyer programs as well. Homepath has good programs as well thru FHA.

Thank you everyone for your feedback. I’ll be sure to look into all of these available options. Note to Charlie, we do not have a home under contract as of this time but we are hoping to get one under contract within the next month.