Hi guys, I am interested in hearing about experiences people have had with getting an FHA loan on a multifamily. I know the basics, I must live in 1 of the units, which is the primary reason I want a multifamily. Has anyone been turned down for an FHA for a multifamily for reasons other than it is uninhabitable? Thanks everyone!
I just closed on a 3flat Multifamily in the Bridgeport/Chinatown area last week using FHA.
The process was fairly seamless from start to finish...let me know if you have any questions in particular.
I closed on a 3-flat in April with an FHA loan. Make sure whoever you go through to get your loan is well versed in FHA loans. I've heard some places have no idea how to handle them and it can make for a bad experience.
What area did you purchase your 3-flat in?
Up near the Albany Park/North Park neighborhoods.
Can I ask what that specs were on that property? Price, Bed/Bath, current condition, etc.? I lived in that area for 6 months and like the way it is progressing.
Building was just over $400k. Two units are 3/2 and the basement unit is 1/1. I'm doing some remodeling on the top floor (new floors, kitchen and bathrooms) because it hadn't been touched in almost 10 years and it'll help increase the rent. First floor was the previous owners unit and they had done a lot of work already so not much needed there.
I'm planning on living in the basement unit and renting the top two floors. Hopefully I'll have enough money saved up to buy another place in two years. I'm using this place as a learning experience for purchasing as well as being a landlord.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.