Question on house hacking a 3-4 unit

[Melissa Harris]

I had spoken to a lender and I thought that I would be able to buy a 3 or 4 unit property for 3.5% down using a FHA loan, if I used it as my primary residence but she told me this break down:

With 1 unit – you could put 3% or 5% down

With a 2 unit – You would put 15% down

With a 3-4 unit – You would put 25% down

Is this true? Or should I talk to more lenders?

[Filipe Pereira]

Originally posted by @Melissa Harris:

I had spoken to a lender and I thought that I would be able to buy a 3 or 4 unit property for 3.5% down using a FHA loan, if I used it as my primary residence but she told me this break down:

With 1 unit – you could put 3% or 5% down

With a 2 unit – You would put 15% down

With a 3-4 unit – You would put 25% down

Is this true? Or should I talk to more lenders?

You should definitely speak with more lenders...I know more than a handful of people that purchased 3/4 unit MFRs with an FHA loan, and much less than 25% down!