Looking for an agent well versed in the FHA loan process/Indiana

Member since 2018 · 5 posts · 2 votes

Hi there,

I am looking to get into my first venture. I talked to an agent that told me that if I wanted a 2-unit residential property, an FHA loan may not work because the 2nd unit will be "income producing". Is that a deal breaker for getting an FHA loan?

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Upen PatelPro Member

Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes

@Soulo Zample That makes not sense. As long as you are going to live in one of the units, you can use FHA/Fannie/Freddie/VA to buy a 1-4 unit residential property. Find a new agent.

[email protected]571-200-6180

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Dustin WoodleyBusiness Member
Real Estate Broker · Prattville · Member since 2018 · 68 posts · 40 votes
8y
What area are you wanting to buy in?
[email protected]334-549-6570
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Upen PatelPro Member
Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
8y
@Soulo Zample That makes not sense. As long as you are going to live in one of the units, you can use FHA/Fannie/Freddie/VA to buy a 1-4 unit residential property. Find a new agent.
[email protected]571-200-6180
2 Reply
Soulo Zample
OP
Member since 2018 · 5 posts · 2 votes
8y
Hello @Upen Patel Thanks for your input. I am working on finding another agent.
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Soulo Zample
OP
Member since 2018 · 5 posts · 2 votes
8y
Hello @Dustin Woodley This is in the Indiana area.
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Upen PatelPro Member
Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
8y
Originally posted by @Soulo Zample:

Hello @Upen Patel Thanks for your input. I am working on finding another agent.
Let me know which area you are looking in and I can connect you to an agent if I have a relationship there.
[email protected]571-200-6180
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Soulo Zample
OP
Member since 2018 · 5 posts · 2 votes
7y
Hello @Upen Patel I am looking to buy in the Indianapolis area.
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Dustin WoodleyBusiness Member
Real Estate Broker · Prattville · Member since 2018 · 68 posts · 40 votes
7y
@Soulo Zample what part?
[email protected]334-549-6570
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Soulo Zample
OP
Member since 2018 · 5 posts · 2 votes
7y
Indianapolis or Columbus
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Josh C.Pro Member
Property Manager · Indianapolis, IN · Member since 2010 · 1k+ posts · 1k+ votes
7y
@Soulo Zample You need a lender to tell you the rules. Agents help you find houses not provide financing. But 1-4 units should be fine if you are going to live there for 12 months at least.
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Christine C.
Flipper/Rehabber · Indianapolis, IN · Member since 2013 · 61 posts · 43 votes
7y
Talk to a lender because you received incorrect information. FHA loans are def available for multi 1-4, owner occupied with 3.5% down. If you want a reference for a lender let me know.
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Mihir Bhimaraju
Investor · Indianapolis, IN · Member since 2016 · 232 posts · 133 votes
7y
@Soulo Zample that doesn't sound completely accurate. I can connect you with an agent and lender who's well versed with FHA. Feel free to reach out.
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Robert EllisBusiness Member
Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
7y
Originally posted by @Soulo Zample:

Indianapolis or Columbus
columbus ohio? do you plan to occupy the property?
[email protected]786-494-6766
Section 8 Launch52 Reviews
Website View Page
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Mike D'ArrigoPro Member
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
7y
@Soulo Zample If you're trying to understand the FHA guidelines, talk to a mortgage broker rather than a real estate agent.
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