36 units with FAH (601 credit score) ?

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  • Matthew DrouinPro Member
    Developer · Rochester, NY · Member since 2016 · 406 posts · 339 votes
    3y

    @Alvin Smith short answer is no. Only 1-4 family owner occupied.

    This deal would best be financed with a community bank and will usually require 20-25% down.

    Did you ask about FHA because of the lower down payment requirements?

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  • Dennis Muno
    Lender · Denton, TX · Member since 2023 · 349 posts · 80 votes
    3y

    No.This won't be an FHA loan. For units above 4 unit, they are commercial type properties. Private money or commercial loans could also be used to purchase this property

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  • Percy N.
    Developer · Philadelphia, PA · Member since 2015 · 2k+ posts · 904 votes
    3y
    Quote from @Alvin Smith:

    There is a 3.2 million 36 unit newly built apartment building by Baton Rouge, LA HBCU S.U. A&M and LSU colleges. Can this property be purchased with an FHA ?


     Are you sure it is newly built and only $88k/unit? What size are these units?

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  • Alvin Smith
    OP
    New to Real Estate · New Orleans, LA · Member since 2023 · 9 posts · 4 votes
    3y
    Quote from @Alvin Smith:

    There is a 3.2 million 36 unit newly built apartment building by Baton Rouge, LA HBCU S.U. A&M and LSU colleges. Can this property be purchased with an FHA ?

    Thank you to everyone that responded! Can anyone help me analyze this property? I’m a college student 5 minutes away from the property and is thinking about partnering with my college to help fulfill there needs of more student housing. 
    0Reply
  • Zachary Ware
    Member since 2022 · 405 posts · 455 votes
    3y
    Quote from @Alvin Smith:
    Quote from @Alvin Smith:

    There is a 3.2 million 36 unit newly built apartment building by Baton Rouge, LA HBCU S.U. A&M and LSU colleges. Can this property be purchased with an FHA ?

    Thank you to everyone that responded! Can anyone help me analyze this property? I’m a college student 5 minutes away from the property and is thinking about partnering with my college to help fulfill there needs of more student housing. 

     Hey Alvin, I'd be interested to look at this deal with you. I sent you a PM. 

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