Investor · san diego · Member since 2019 · 17 posts · 2 votes
Has anyone used an FHA loan for anything larger than a duplex in San Diego? I'm trying to find a multi family to house hack but I heard you are not allowed to used FHA for 3-4 units in San Diego, only duplex.
Has anyone used an FHA loan for anything larger than a duplex in San Diego? I'm trying to find a multi family to house hack but I heard you are not allowed to used FHA for 3-4 units in San Diego, only duplex.
Thanks!
The issue is that FHA requires triplex/quad to be self-sufficient.This is not a requirement for a duplex.
Basically, the FHA wants to know that the property you’re about to purchase will be self-sustaining. In other words, they want to know that the income brought in from rent will cover the mortgage.
Finding a triplex/quad that is self-sustaining in San Diego, that meets the FHA expectations on condition, is virtually impossible. Anything priced to where it could be self-sufficient would not meet other FHA criteria.
This, in effect, implies that in San Diego FHA cannot be used for a triplex/quad (exempting for the unicorn find).