All Forum Posts by: Edgardo Lecona

@Nneka I.Yea exactly! Made no sense to me. Felt like I misunderstood everything I have learned to this point but all the comments are very reassuring. Just have to keep calling around and make sure they understand its for FHA.

@Michael Noto I'm going to try again and make sure they understand I want to do FHA. Once I stated that this morning with one of the lenders, they were like "but your credit is above 750, I didn't think you would want the FHA loan that is meant for lower credit individuals". Which i don't get since that's what I'm asking for. Thanks for the insight!

@Jaquetta T Ragland I will be attempting many of them today. Will update later.

@Nate Sanow Thanks Nate. I will keep that in mind! Time to get back on the phone.

@Michael Noto Will do! Thanks!

@Jessica Brennan I called a couple of credit unions but I haven't tried small local banks. I am currently in Los Angeles but planning to move out to Bakersfield. I will give them a try tomorrow morning. Thanks for the feedback! :)

@Julio Garcia yea that's what I thought. Right now I am in the preapproval process so there's no actual deal but I just bring up that it will be a triplex or fourplex and they say its 25% down regardless. Ill keep looking around but i appreciate the feeedback.

Hello everybody!

I'm looking to buy a multifamily property and househack. However, the problem I am running into is that banks are requesting 20-25% down even if it is an FHA loan. I can't seem to find a bank/lender that would do it as discussed in many of the books and research I've read stating that as long I will use it as my primary residence, would only require 3.5% down (roughly).

Is this still an option in todays market? Currently in California looking in the Bakersfield area where multifamily range from 200k - 400k.

I'd appreciate any feedback.

Thank you!