All Forum Posts by: Mak Khater

@Andrew Postell, @Kristen L Garner....Does this still apply ? I've done it in the past where I used 75% of Appraised Rental Income for 3of4 Units (Since I'm moving-in to one of the units) using an FHA Loan.

However,

Last Month a lender from a reputable bank told me that they wont be able to use 75% of future rental income on a 4-unit multifamily unless the leases are existing and they wont accept appraised rent (FHA loan) per Freddie Mac/Fannie Mae Regs. Is this True ?

Hello, does anyone have a contact for a lawyer in DC that has expertise with Section 8 tenants? Any leads are greatly appreciated.

BP Community, 

There is a Multi-family (4-plex) that I am interested in purchasing. Currently all 4 units are 1 BD 1 BATH Units and with the current market rents for 1 BD 1 BATH..... The property doesn't pass the FHA Self Sufficiency Test. I plan on getting a 203K Loan to perform a major re-model on all 4 units and eventually convert them to 2 Bed & 1 or 2 Bath. Can the appraiser appointed by the FHA Lender assess the rental income based on the units post renovation. Comparable market rents for 2 Bed 1 Bath Units allow the property to pass the FHA Self Sufficiency Test ? I am not familiar with how a 203K loan on top of an FHA loan comes into play. Just trying to make it work, so I would appreciate any support.

Does the same also apply for an owner-occupied convectional loan ?  

Thanks BP!