FHA Multi Family Purchase Questions

[Denny Le]

Hello BP,

I am hoping to purchase a multi family property (4-plex), with the information:

Price: $255,000.00

Down Payment: 10% or $25,000.00 with FHA

Loan Period: 30 years

Loan Rate: 3.75%

The questions I have are:

1. How long would I need to live in the property before I move into a different property? Is it based on the lender or is it based on the state?

2. How much is PMI (State of Washington)?

3. How much would my payments be?

4. Where could I find a lender that could help me finance this?

I have many other questions, but this is a start

Thanks for any help!

[Albert Bui]

Originally posted by @Denny Le:

Hello BP,

I am hoping to purchase a multi family property (4-plex), with the information:

Price: $255,000.00

Down Payment: 10% or $25,000.00 with FHA

Loan Period: 30 years

Loan Rate: 3.75%

The questions I have are:

1. How long would I need to live in the property before I move into a different property? Is it based on the lender or is it based on the state?

2. How much is PMI (State of Washington)?

3. How much would my payments be?

4. Where could I find a lender that could help me finance this?

I have many other questions, but this is a start

Thanks for any help!

 1) 1 year min

2) 1.35% with less than 5% down, 1.30% with greater than 5% down so in your case 1.30% annual factor + 1.75% upfront financed MIP

3)1081.45 mtg + 248.63 for  monthly MI

4) pretty much any bank in the US

Feel free to let me know if you have any questions.