Hi guys! I'm looking for a lender who isn't afraid of owner occ FHA loans where projected rents (75%, I know) are used as qualifying income. Someone who is savvy, creative, and responsive. Pleeeease send me your recommendations, I can't get anyone to give me the time of day. Is Arvest worth trying? I'm open to anything.

Also: Anyone know of any triplexes or fourplexes coming up? :) 

So, @Tara Ballenger , are you saying that you (or the potential owner) has no income or unstable income? If so, you're not going to find that lender. FHA (and all residential mortgages for that matter) require stable income to qualify. There's a bit more give and take with FHA, but within reason.

If a borrower fits the FHA requirements, then any FHA lender should be willing to make the loan. Sometimes they needs some education, though.

@Jaysen Medhurst it's for me. I own several properties and understand how FHA loans work. I have a few quirks in my file that need to be reviewed. But for instance, the last lender I talked to said "I don't think you can use projected rental income from the subject property as qualified income, because COVID has changed all the rules, I'll have to check....." Then I never hear from the again. This is par for the course with lenders I've found.

@Jaysen Medhurst and yes - I have income - beyond projected rental income. 

I think you'll be fine, @Tara Ballenger . Just keep talking to lenders. Depending on your financial situation, it may be worth considering a low-down payment conventional loan, instead of a FHA. It's a much better option, if you qualify. Less paperwork, no up-front PMI, monthly PMI drops once you hit 78-80%.

@Jaysen Medhurst Thank you. Fannie and Freddie only have low DP loans on 2-4 units for first time homebuyers. Which I'm not. Owner occ status doesn't matter otherwise - FHA stands alone in being a low DP option where homeownership status isn't a qualification. Not trying to be contrarian, just stating that in case someone else scouring these forums looking for answers. Also, I know how PMI (and MIP, which doesn't have a sunset at all at 3.5-9.9% down but DOES have a sunset for 10%+) works. Haha. I don't mean to be a jerk. I just know all this nitty gritty and need a lender who does too.

I think you may be overlooking some options, depending on your personal circumstances, @Tara Ballenger . Many of the CUs in my area have low-down payment products that are very attractive. I saw this in Oregon, not sure if it might work for you.

Oregon State CU offers a First-time mortgages, if you haven't owned a home in 3 years. Starting at 3% down.

Yeah, 10%+ down on FHA = sunset. Of course, if you can put 10%+ down are you really going FHA? Unlikely. When folks on the forums talk about FHA, they are ALWAYS talking about putting as little down as possible.

Originally posted by @Tara Ballenger :

Hi guys! I'm looking for a lender who isn't afraid of owner occ FHA loans where projected rents (75%, I know) are used as qualifying income. Someone who is savvy, creative, and responsive. Pleeeease send me your recommendations, I can't get anyone to give me the time of day. Is Arvest worth trying? I'm open to anything.

Also: Anyone know of any triplexes or fourplexes coming up? :) 

 Hi @Tara Ballenger, I love your mindset! I have done an FHA loan on a duplex with Academy Mortgage as a client, and have also helped a couple use an FHA loan on a quad in Hillsboro and another couple in McMinnville in the past year. I was first a client of Academy and then joined them as a loan officer. We have two loan officers on our team who are house hackers and BiggerPockets advocates. It's nice to work with people who share your same mindset! If you want to send me a direct message, I am more than happy to connect with you and see how we can best help you. Have a great day!

Originally posted by @Jaysen Medhurst :

I think you may be overlooking some options, depending on your personal circumstances, @Tara Ballenger . Many of the CUs in my area have low-down payment products that are very attractive. I saw this in Oregon, not sure if it might work for you.

Oregon State CU offers a First-time mortgages, if you haven't owned a home in 3 years. Starting at 3% down.

Yeah, 10%+ down on FHA = sunset. Of course, if you can put 10%+ down are you really going FHA? Unlikely. When folks on the forums talk about FHA, they are ALWAYS talking about putting as little down as possible.

I grew up in Corvallis where Oregon State CU is based out of near the Oregon State University Campus. I have a banking relationship with them from when I was a kid and my parents have used them multiple times for purchases and Refis of their primary residence. If a borrower is okay with waiting 60-75+ days to close on a purchase, then they may be a good solution, but otherwise I would not recommend them, just FYI! My parents refinanced with them last year and it took 68 days from application to funding.

Good to know, @Grant Schroeder . It pays to shop around!

Brandon Mears at Northwestern Home loans has done this loan for me several times. DM me for his contact information. *i have no affiliation to NW HL.