How to find the right lender ?

Question

Hello BP,

I live in Baton Rouge, LA and I am looking for my first deal using the house hacking strategy in a multi family.

I have a score of 720+ and so far I got pre-approve for $250,000 with 3% down for SINGLE FAMILY ONLY.

The fact that I can’t find a local lender that lets me use FHA loan for multi family is a LA thing ? should I change my strategy or keep looking ?  Any piece of advice would be appreciated.

Thank you in advance.

Lucas

Jesse Rivera · Answer

Find a mortgage broker that has access to many lenders. That is the beauty of a mortgage broker, he does the shopping for you. This should not be a problem. let me know if you need a referral, I am in FB group with brokers all over the country.

David Kelly · Answer

@Lucas Rodrigues ferro

That doesn’t sound right. FHA allows for up to four units.￼

Raymond J. Rodrigues · Answer

@Lucas Rodrigues ferro that sounds like a lender overlay with the current lender that you’re working with. Feel free to send me a message and I can refer you to someone in the area that allows multi family financing with FHA loans.

Amy Verges · Answer

Account Closed As others have said, FHA allows for up to four units.  In fact, I've done two deals in the past few months here in Baton Rouge where the buyer used an FHA loan to buy a fourplex.  Sounds like you may have already gotten referrals for lenders who can help, but let me know if you're still looking and I can send you the contact info of those lenders who closed those loans.

Stephanie P. · Answer

Account Closed

You should be able to do up to 4 units with FHA if you're going to live in the property, but be aware, past 2 units there's a self sustainability requirement for the property.

Sounds like you were running into an overlay with your current lender.  If you need a referral, PM me.  I don't do FHA, but can refer you.

Stephanie

Ian Walsh · Answer

Are you able to acquire the property with a private lender and then refinance?

How to find the right lender ?

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