4 unit financing with 5% down - Freddie home possible
On the financing end we've been subject to FHA's self sufficiency rule for as far as time spanned but recently in early 2016 they (HUD/FHA) changed their 100% income SS rule to be more realistic and added a 25% discount for repairs and maintenance + vacancy. While smart on FHA's part, made it a lot more difficult for buyers/borrowers using FHA's program to purchase in higher cost markets since the rent to price ratio typically needs to be at .90% or higher (approx) to make this SS rule fly.
Freddie Mac Home possible is another program that is promising to lift this requirement and still offer a very competitive low down payment of 5% for 2-4 unit properties.
There are a few stipulations and an income restriction for the borrower to qualify, but in most metro areas there are no income limits in a predominant area of the city. Typically, the areas income limits are areas that are considered luxury, beach front, have master planned communities, or are more affluent income wise.
If you want more info on this program you can check out my BP blog article - Click Here
Even a high cost city like Seattle has no income limit areas (in yellow below):
In Orange County most of the central and upper parts of the county are eligible with no income limits but south county has only 3-4 yellow spots (no income limit census tracks).
In Los Angeles County there are a ton of no income limit areas below contrary to what we read about income limits being in only the roughest of areas.
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Albert Bui you are the bomb!