Updated over 5 years ago on . Most recent reply
One Sale Multiple Properties FHA?
I am a new investor looking to purchase my first property.
I have found and toured a property(s) that are being sold by the same owner. The owner would like to sell them together as they sit on a corner with each other. One property is a Triplex and the other is a SFH. I would like to purchase these properties with an FHA loan if possible. Would I be able to purchase two properties under one sale or one FHA mortgage?
The triplex has two units rented out, with the third unit needing some TLC. The current rents bring in more than its estimated mortgage and it could easily be made into a four unit after the third.
The SFH is large and could easily be made into two large units or four smaller units.
I am new to lending and would like to use a local bank or credit union. The homes are currently 230K together but my relator and I expect to get them well below 200K on the properties as the sellers are very motivated.
Thank you for all future advice!