FHA loans in Brooklyn - Feasible?

[Jordan Moser]

I've been reading horror stories of buying an FHA multifamily property in Brooklyn and the burroughs around NYC. Everything from limited amount of properties available, to brokers and agents not wanting to deal with FHA clients, to needing a "gift letter", etc. Seems pretty daunting.

My plan was to house hack a duplex or triplex in Brooklyn with my girlfriend, something around 600-800k using FHA, and use the rent income to cover the mortgage. In this market, do you think that's feasible? We have more than the required downpayment ($40k) but not enough to put down 20% for a conventional loan. Any thoughts, opinions or feedback are greatly appreciated.

[Upen Patel]

@Jordan Moser@Antonio ArtusaWhat you need is to find a mortgage banker that can do a Fully Approved Loan with the address at TBD. In this scenario your loan goes through underwriting and is approved pending appraisal/inspection/title of the property. This way you can bid without a financial contingency. This is the closes you can come to a cash over without being a cash offer.