I am looking at purchasing a multi-unit property. Does anyone know of a lender that would do this as owner occupied? I find things that say I should be able to go FHA minimum down as long as the is 4 or less units. Is this no longer the case?
@Christine Edwards As long as you are going to occupied the property as primary residence, you should be able to get FHA with minimum down payment unless you have lower FICO.
@Christine Edwards As long as you are going to occupied the property as primary residence, you should be able to get FHA with minimum down payment unless you have lower FICO.
I am looking at purchasing a multi-unit property. Does anyone know of a lender that would do this as owner occupied? I find things that say I should be able to go FHA minimum down as long as the is 4 or less units. Is this no longer the case?
Thank you in advance for your help
Christine
Hey Christine
You're probably running into a lender that has an overlay.
4 units or less is allowed by FHA with 3.5% down.
There are other ways to go as well with just a little more down.
I mention that because FHA's mortgage insurance can be a bit steep.
I am looking at purchasing a multi-unit property. Does anyone know of a lender that would do this as owner occupied? I find things that say I should be able to go FHA minimum down as long as the is 4 or less units. Is this no longer the case?
Thank you in advance for your help
Christine
@Harjeet Bhatti makes a great point. If your middle score is below 580, you'll have to have a larger down payment (10%).