FHA Loans Information

[Greg Bohn]

Anybody have experience with FHA loans? I was thinking of potentially using an FHA loan as an opportunity to househack a multi-unit property, and had the following questions on the subject:

1. How can you see how much of a loan you are qualified for? Is the amount dependent on the type of property you are interested in buying (single family vs. multi-family) and the area you are looking to purchase in?

2. How long does it typically take to get approved and receive an FHA loan?

3. What kind of interest rates do you have to pay on the loan?

4. What is the MIP payment?

Any information on the subject would be a huge help! Thank!