All Forum Posts by: Harjeet Bhatti

@Colby Zeller FHA has standard table to calculate MIP on Loan to value and type of amortization. The FHA MIP chart is available online.

FHA Loans Greater Than 15 Years

FHA Loans Less Than or Equal to 15 Years

@Colby Zeller Self-sufficiency test required in 3-4 units. The lender will make sure the total rent that you receive for the units must be equal to or greater than the mortgage payment. The total mortgage payment, which includes principal, interest, PMI, real estate taxes, and insurance.

@Colby Zeller Under FHA loan the multi family property has to pass self-sufficiency test. This is important step in FHA loan for multi family property.

@Dylan Cross You have option to take rehab loan or HELOC. Do you have first lien on the property?

@Soham Sakpal FHA has 3.50% down payment and Home possible loan has 5% down payment requirement for 2-4 units. Documents requirement could be different depend on client loan scenario.

@Evelyn V. You have two options FHA and Home possible. Both programs has restrictions but if you carefully do all the calculations can be done easily. 203K loan can be used if the property is not in livable condition. There are some lenders offers their own portfolio products. Wintrust offers CRA portfolio loan which can be used for 2 units with 5% down payment no PMI.

@Anthony Colon  All information is available on Fannie Mae website. You can read general information B5-3.2-01, HomeStyle Renovation Mortgages. You should work with lender to make sure the process works out well for you. 

@Anthony Colon Home style loan would be good if it's one unit for investment property. You can add rehab cost to the loan amount. 

@Isabel Andrade The interest rate is available online on their website. 

@Isabel Andrade You can buy duplex under IHDA program. IHDA can be combined with other down payment assistance program.