Lender recommendations: FHA triplex/fourplex in OR and WA

[Tara Ballenger]

Looking for lenders licensed in OR and WA, who are really familiar with FHA multi family lending, especially 3 and 4 units. Who have you worked with that you loved?

[Jerry Padilla]

@Tara Ballenger 

I am glad to answer any FHA Financing that you on FHA Financing.

With 3 to 4 units there is a self sufficiency rule; 

Three (3)- and Four (4)-Unit Property

The maximum mortgage amount for the three (3) - and four (4)-unit properties is limited, so that the ratio of the monthly mortgage payment, divided by the monthly net rental income does not exceed 100%, regardless of the occupancy status.

• This market rent is determined by the appraiser. Basically this is stating that what the market rents are need to equal the mortgage payment or exceed. The FHA house needs to pay for itself as if the property was fully rented out, even though the buyer will be living in one of the units.

This is an FHA guideline stating that 3-4 unit properties - must have market rents added up together multiplied by 0.75 that are greater than the monthly mortgage including taxes and insurance.