Investor · Reading, PA · Member since 2014 · 167 posts · 49 votes
Hi - I'm looking for a lender who can loan a FHA loan for an owner occupant fourplex with 3.5% down. My current bank (quickenloans) said that they lend 3.5% down for only single family homes or duplexes. Does anyone know a lender who does 3.5% down for triplexes or fourplexes? I recently watch Brandon Turner's webinar and apparently it can be done. Thanks!!
Lender · Englewood, FL · Member since 2016 · 81 posts · 33 votes
9y
@Jennifer Fernéz yes you are right FHA will allow 3.5% down on a fourplex as long as it is owner occupied. If you just look up local mortgage bank/broker in your town, they will be able to help you.
Some banks will have what is called a lender overlay, which means they have applied extra guidelines on top of what FHA will allow. Hope this helps!
Banker · Philadelphia · Member since 2009 · 2k+ posts · 633 votes
9y
Hi @Jennifer Fernéz.
Welcome to BP!
FHA has some great options with the 3.5% Down. They allow up to 6% seller assist on closing costs and direct lenders can also extend a lender credit up and above the rate. Also, gift monies is allowed by a family member for the down payment. I have seen many clients move into a triplex or quad plex and live basically for free and get landlord experience at the same time.
Miami, FL · Member since 2016 · 40 posts · 5 votes
9y
Hi Jennifer,
I am actually in Florida but i can originate in 48 states, I work with multistate deals often due to having out of state licenses and can have my lender in your area help you close in between 14-21 days, please feel free to reach out if you still need assistance. I have quite a few products and we are flexible in case you need assistance in the future.