Updated almost 6 years ago on . Most recent reply
FHA Loans in HCOLA's
I live in a HCOLA and am interested in purchasing a 4 unit multifamily property listed for $1.6 million. I would be occupying one of the units for the next 3-5 years, and would rent out the remaining 3. I am trying to figure out the nuances of FHA loans work in HCOLA areas. Do the maximum FHA loan amounts fluctuate depending on the individual market? I would plan on putting down 100k (or less if possible). So I would need a FHA Loan of ~1.5 million (which appears to the the limit for a 4plex in my area). Are there any additional incentives for FHA Loans for first time home buyers?