Which FHA lender accepts mulyifamily with 3% down?

Question

Hi,

I just heard from better.com that they require at least 15% down for duplex.

It is weird in that I've heard tons of success stories that people house hacked.

Has the rule been changed? If not, please tell me the working lender.

Regards,

Shawn Mcenteer · Answer

@Minsu Kim shop around. I used low money down conventional loans for MFR. I have a client UC with 3% down owner occupied conventional mortgage on MFR. They are rare and may have some additional guidelines but they do exist. Regarding FHA 3% down, your should be able to find plenty of lenders that offer that.

Minsu Kim · Answer

@Shawn Mcenteer Thanks!!

Brad Hammond · Answer

Hi @Minsu Kim, both are correct. if you use an owner-occupied conventional loan, the down payment is 15% for a duplex (20% for larger). If you use an FHA loan the down payment is 3.5%. Most lenders will be able to get you an FHA loan for a multi-family property. Talk with an agent and they can point you in the right direction to a quality lender.

Minsu Kim · Answer

@Brad Hammond Thanks!!

Which FHA lender accepts mulyifamily with 3% down?

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