FHA Loan on HUD Property

[Thomas Harr]

Hi and thanks to whoever reads/responds to this forum!

I am looking to bid on a HUD home.

Is it true that if you bid over on a HUD home with an FHA loan, you must bring the difference to closing?

I am looking for my first owner occupied property, but am weighing options between FHA and conventional.

Also, its a 4-unit so from what I understand is Fannie Mae only allows 25% or 75% LTV on 3-4 unit properties (was praying for the 5% down conventional first time home buyer)

All insight is helpful!