I am looking to start my career in real estate. I am looking to purchase a multifamily property and would love some advice from any one who is purchased a multifamily through an FHA Loan. Any advice helps, thank you :)
Investor · Charleston, SC · Member since 2011 · 606 posts · 413 votes
3y
There are a couple of requirements. One is that it must be max of 4 units. Second, you must live in one unit for a year. Third, you must qualify for the loan with proper DTI as so on. This is unlike a CRE loan were they look at the property income and not your income.
But there are a lot of programs, without all the specifics, it's tough to say. If you are in NY and need mortgage broker/banker recommendations, please feel free to message me privately.
Once you have an idea of what you could borrow and what the closing costs & payments are, it's much easier to know what could be a good purchase for you.