I recently read an article on BiggerPockets about buying multifamily homes, and obtaining an FHA Loan to help pay for it. Immediately following that, I did some research on multifamily homes in my area along with my states FHA Loans. I found a group of nine apartments on a nine acre lot. They need work, but overall I think would be a nice investment. My question is, would a FHA Loan cover a group of apartments? Or is there another type of Loan I could get for that. Thanks ahead of time for the help.
no it will not qualify because fha only cover 2 to 4 plex...9 unit will have to be commercial loan
You can go up to 4 units with an FHA loan as long as you live in one of them as your personal residence.
Personally I think 2-4 unit properties financed with FHA loans are the greatest thing since sliced bread. You can live free or almost free because the other units will pay most or all of the mortgage payment.
What a deal!
Actually FHA does commercial loans also for apartment complexes but the LTV etc is far different from a standard 1-4 unit FHA loan.