FHA mix used propeti

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I want to thank you on front BP community .I'm trying to purchase a mixed-use property using a FHA loan these are the details on the property the property has three Apartments and one commercial space which I believe is less than 49% of the residential part of the property.I was Told by one lender that yes I can buy this property because is less then 5 unit. Then I was told by another lender then no I cannot buy this property with a FHA because FHA guidelines are that I could only purchase a mix used property if it's at single dwelling with a commercial space attached to it that is less than 49% of the residential part other property. Looking on the internet and I don't seem to find any information about this the only thing that I seem to find is that he has to be less them fight units in the commercial part of the property has to be 49%.

Originally posted by @Eudes De leon :

I want to thank you on front BP community .I'm trying to purchase a mixed-use property using a FHA loan these are the details on the property the property has three Apartments and one commercial space which I believe is less than 49% of the residential part of the property.I was Told by one lender that yes I can buy this property because is less then 5 unit. Then I was told by another lender then no I cannot buy this property with a FHA because FHA guidelines are that I could only purchase a mix used property if it's at single dwelling with a commercial space attached to it that is less than 49% of the residential part other property. Looking on the internet and I don't seem to find any information about this the only thing that I seem to find is that he has to be less them fight units in the commercial part of the property has to be 49%.

I've run into it a few times. What invariably comes up is that what the borrower and real estate agent tell me about the property doesn't line up with what the appraiser says. Don't get me wrong, I've closed a few of these (in these cases the appraisal report came back only a bit different from what the agent/buyer described), and had a bunch die after the appraisal came back (when the report is VASTLY different from what the agents/buyer said to me, which is the norm), but due to systemic unreliability of information my position is that the price of a definitive yes/no is an FHA appraisal fee.

Make sure you're working with a lender that isn't artificially restrictive, get it under contract, and get an appraisal going.

@Eudes De leon I looked their google briefly....it seems 3 resin and 1 comm’l is fine, but....there is a little more to it,  not laid out in straight black and white.

It has to be in a predominantly residential use area, the commercial component doesn’t “over power” the residential use/characteristics, etc...as @Chris Mason says, the actual determination is made by the fha appraiser.

Chris mason thank you for the information I will try to see if I could get a FHA appraisal . The question is can I get a FHA loan on a property that is mix used . That is 4 units 3 residential and 1 commercial we're the commercial part is 49% less than the residential. That part is very clear to me that 51% of the property has to be residential. I'm asking because one lender told me the no I cannot he said the only way that I can get a FHA loan using this rule is if is a single dwelling with a commercial attached to it not if it is 4 units. Sorry for explaining it again I just want to make sure that everybody understand what I'm asking and I do appreciate the input and if I find out I will post it here

Originally posted by @Eudes De leon :

thank you guys for your input so that would lead me to another question where can I find a FHA appraiser that I could talk to

The cost of the time of an FHA appraiser is an FHA appraisal fee, which in turn requires a fully ratified (seller signed) purchase contract, assigned FHA case number, etc etc, unfortunately.

Yep, you need to get it under contract.....you’ll be out less than $1k if it doesn’t qualify.  Obviously find an fha lender that knows what they’re doing. You’ll need a preapproval to submit with your offer for most sellers.

For your own peace of mind, it is the neighborhood mostly residential, mixed use similar to this one or mostly commercial?