FHA loans on owner occupied multifamily properties

[Natali Cobb]

Hi all,

Can I use a FHA loan on a small multifamily (2-4 units), as long as I live in one of the units for at least 12 months? Are there any other major stipulations to consider? Any tips to get qualified for this type of loan?

[Clint Jusino]

Quote from @Natali Cobb:

Hi all,

Can I use a FHA loan on a small multifamily (2-4 units), as long as I live in one of the units for at least 12 months? Are there any other major stipulations to consider? Any tips to get qualified for this type of loan?

I believe there are income requirements and this has to be your primary residence. 3.5% down is the minimum. There will be PMI applied to your loan. I recommend when you are available to, try to refinance into a conventional to get rid of the PMI. There's a credit score range as well. You need to be 580 or higher. If lower then you'll need 10% down payment. Best of luck!