Updated almost 4 years ago on . Most recent reply
FHA loan for Multi-family property
Can I use an FHA loan for a multi-unit property? I would say specifically in CA. I've heard 4+ is considered commercial so I'm not sure if it would have to be considered an investment property.
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Hey Jonathan, you can get a FHA loan on a 1-4 unit property. FHA loans are great because no matter if it is 1 or 4 units, the minimum down payment is 3.5%. Being a FHA loan, you will need to move into the property. When you sign the closing papers, you are agreeing that you plan to live in the property for at least a year. You can also only have one FHA loan at a time. Also, the more units the larger the max loan amount you are allowed to have on the property. Anything over 4 units is going to be a commercial loan which will be completely different.