Does a 6plex qualify for FHA or Personal Property Financing?

Question

My husband is up for orders and I am researching a potential area in Washington State. Our goal is to buy a multi-plex in the next location. One of the units I am interested in is a 6-plex. On the advertisement it said live in one unit and rent the others out. Which leads to my question. Can you buy a 6 plex under FHA or USDA financing and live in one unit and rent the other ones out?

Sorry for my silly question. I have bought 7 single family homes, 2 refinances and closing on 2 more houses but multi-plexes are new to me. Plus rules change so often, etc.

Sorry for my silly question. I have bought 7 single family homes, 2 refinances and closing on 2 more houses but multi-plexes are new to me. Plus rules change so often, etc.

Yany Rivera · Answer

Hi Elizabeth, there is an excel document that someone has posted here from Boundless Financial that helps you identify whether a property meets FHA requirements. If you cant find it, Email me and I will send it to you. Congrats on your move and welcome to the Pacific Northwest!

John Thedford · Answer

If the deal is that good, get a HML  and then refi ASAP. It might be worth it but you won't know until you run the numbers.

Elizabeth Colegrove · Answer

Thanks! That is what I thought! I figured I would ask, just to confirm since I learn something new every day. Plus it was a much better deal than the 4plexes, so there was some wishful thinking involved.

Nnabuenyi Anigbogu · Answer

Unfortunately they cannot. Anything that is 5 units or more falls into commercial category and requires a commercial loan. FHA or any conventional fannie or freddie backed loan will not give you money for those.