Buying owner occupied 4-plex with FHA or VA loan
Hello everyone!
I think I've read everything (on BP forums) regarding 4-plex bought by owner-occupant.
Question: Does anyone have recent experience with VA or FHA loan on a property like that?
My buyer is concerned about his cash to closing requirements, which are hitting close to 10% on 280K loan.
Apparently - regular SFH 6% seller assistance allowance for FHA loans is not applicable in 4-plex situation - hence full closing costs to pay. There is also 3 month PITI reserve requirement. Can anyone comment on that please?
Also - how would FHA compare to VA zero % loan - in regards cash to closing calculation (for another potential buyer). I assume there are all kind of restriction on closing costs as well.
Thanks in advance!