Getting a 4-plex loan

[Monica Davies]

I was just told no by my lender on a 4-plex because it doesn't meet the "self-sufficiency" test for a FHA loan. Apparently, 3/4ths of the rents need to pay the mortgage.

I think this is a great rule, to protect people from making bad investments. But I know that it I could have a few months owning the property, I could put update the units and get it cashflowing.

Pretty sure my seller won't want to seller finance. Any other ideas for getting approved?

Thanks guys!