The first steps to acquiring a FHA loan?

Question

I’m not sure what steps to take trying to acquire a FHA loan to house hack a three or fourplex. Also how long is the process?

Omar Khan · Answer

Talking to a lender might help. Also, search function on the forums is very helpful as this question has been asked a gazillion times before.

Jerry Padilla · Answer

@Shondell Alford

I would be glad to answer any questions you have on FHA Financing. A 3-4 unit you can use 75% of rental income from the other units to help qualify. The property will also have to pass the self sufficiency rule.

Self Sufficiency Rule; The maximum mortgage amount for 3-4 unit properties is limited, so that the ratio of the monthly mortgage payment, divided by the monthly net rental income does not exceed 100%, regardless of the occupancy status. This is also taking into consideration, a 25% vacancy factor.

Dan Barli · Answer

@Shondell Alford you should connect with a lender who can give you the requirements and guidelines for an FHA loan

Frank Procopio · Answer

Contact a local lender, they will be able to answer all of your questions

The first steps to acquiring a FHA loan?

The first steps to acquiring a FHA loan?

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