Updated almost 6 years ago on . Most recent reply
FHA Loan for Multi-Family
I’m young, I’m only 18 but I want to get started with investing into multi-families.
One of my main concerns is the loan, I don’t have any knowledge on loans. I have a few questions, so please if you know anything about these loans and the terms of them please reply.
- do you need a credit score ? If so what’s the typical range you recommend..
- Is this loan going to be the amount of the unit I choose? As like if I were to be buying it..
- what’s the recommended % I put down on the loan?
Thank you for your time.
Most Popular Reply
FHA basics
minimum 580 credit score
2 years of stable employment history
43% DTC(Debt-to-income) Ratio - your monthly debt may not exceed 43% of your monthly income
required downpayment 3.5% of purchase price
75% of annual gross cashflow can be claimed as annual income.
payment includes Principal, interest, taxes, insurance & PMI
There are so many variables but that is simply the basics of the FHA Loan. There is also a FHA 203(k) loan that is the exact same except they loan you money for the renovation as well. I hope that helps