Buying my first property,, fourplex and FHA questions

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I've got a question about getting an FHA loan? I've been working with a mortgage broker to get my deal worked out. I am trying to get into the property with the lowest down possible. Here's the details: 4plex 200k sales price. The seller has agreed to pay all closing costs if we structure them on top of the 200k. I have about 10k to put down as a down payment. My DTI is bad I am a bartender I need a co-borrower to qualify for anything. My father has agreed to sign on. He currently has a FHA mortgage on his home. My loan officer claims this is the reason we cannot go FHA. Is this true or is it an overlay or additional requirement based on his company? I'm hoping to close on this loan by October, and worried if I can't go FHA I won't have enough cash on hand to get the loan. Any advice?

Hello and welcome here Nicholas! Whatever I say is not meant to hurt you but give you my possible knowledge and experience. My first reaction is to not do this deal. It really does not matter on the loan requirements or who the lenders are. The most positive thing you should do is to learn how to save more, Partnership types and forming, raising funds that can help you make the down payments, and buying apartment complexes with at least 32 units so you van pay for property management to take care of the daily operations. Even though I can understand the reasoning on getting an FHA loan and the fees and other extra costs you have to pay, 4 unit houses are just too risky for what you are possibly getting from a Bank.

A Bank might offer the lowest interest rate, it's not the only lending source you can use. The other sources may charge higher interest rates but they are more lenient and easier to work with. My 5 years of learning full time, 7 days a week, and seeing stories from both sides I have never read or heard that a couple of points in a loan made the difference to the ultimate bottom line of a project. A Bank is usually more interested in how much money they can make, and not you.

My solution is not easier but you must be willing to make some justifications to make it big and rule out all that is not necessary.  Do not get sucked in to this society and get everything they require.  Live below your means for a while to grasp what you need in your life and understand the importance of wealth and know that it is not easy.

Be mobile and ready to go to where things are happening. Do not believe those that have never done this and realize that most of what you were teached and preached about came from a past that is not real anymore. Continually learn and network with like-minded people and/or those that are successful in what you want to do and who you meet at local real estate clubs and events that are real and just not a sales gimmick.

As an investor you must do the opposite of most others do to be successful.  Learn how to do something that is more unique and has less competition that is profitable.  Whatever you choose to do be dominant and try to know more than everybody else.  That kind of domination will help you be more profitable/productive at what you do.  Do some like buying apartment complexes, option leasing, reverse wholesaling, or Fix and Flip (which is doing good right now).

Take action, never quit, be patient, and be knowledgeable.  Believe in what you do and be firm and just do the average finish out at first.  Wait until later to try something fancy or unique.  Use a person that has developed software that is a full course and gives complete information like someone like Kent Clothier, Ross Hamilton, john jackson, Josh Cantwell, etc. who seem like they know the right way.

Good luck to you!