Fha loan to buy a condo or sponsor unit?

Question

Is this possible? I can only put 3% down

I live in nyc

Shanna Vataj · Answer

This is a liability, not an asset. Use that same 3% to buy a multifamily in Westchester/upstate ny/Fairfield and use the cash flow to rent a small apt in nyc (basically house hacking).
1. Many condo associations require approval, insane move in/out fees and can just take a vote to change terms without your say (you want autonomy!)

2. Money goes further the farther you are from nyc but you need to stay within the commute time of 1 hour to GCT to secure tenants regularly. Your upper limits are Croton/Yorktown/Carmel/Stamford CT.

Michelle Backer · Answer

@Mason Hickman

Right. The list doesn’t look so great though

Are there perhaps condos not on the list. Is it worth it if I call owners of buildings directly?

Another way I hear to put less down is

A FHA construction loan 3%

Sally Mae 5%

If there’s anything else I’m missing I’d appreciate the advice

Mason Hickman · Answer

@Michelle Backer

Yes you can get fha for a condo but the association needs to be approved for FHA financing.

Fha loan to buy a condo or sponsor unit?

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