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Can you find multi family home that's under FHA?
Is it possible to find a multi family home that is FHA?
Asked By Eric R. | Atlanta, GA | 426 views | Buying | 1 year ago
Answer(6)
Josephine & Raj Sharma
Legacy Homes Realty
Hi Eric, Yes, it is possible to find a multi-family home that is eligible for financing under the Federal Housing Administration (FHA) loan program. The FHA offers loans for the purchase of multi-family properties, such as duplexes, triplexes, and fourplexes, with a low down payment and more flexible underwriting criteria compared to traditional loans.
To find a multi-family home that is eligible for an FHA loan, you can search for properties on real estate websites, work with a real estate agent who specializes in FHA loans, or contact an FHA-approved lender. The lender can help you determine if a specific property is eligible for financing and assist you with the loan application process.
- 1 year ago
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Glenda X Bozett
RELI
yes you can.
- 1 year ago
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Tammi Nicholas
Epic Real Estate
Normally, it just has to be 4 units or less and the buyer has to intend on residing in one of the units.
- 1 year ago
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Jim Rossi
RE/MAX 2000
Absolutely, FHA offers an owner occupied mortgages for properties up to four units. Guidelines for condition apply as with any FHA financed purchase but not that there is also a guideline that 75% of rents based on local market rents must cover the payment whether or not they are used for qualifying. The appraiser will enter local market rents as part of their appraisal.
- 1 year ago
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Joseph Maggi
C21 North East Maggi Realty Group
Yes, homes that are 1-4 families will qualify for FHA financing. They must meet specific requirements in regards to condition of the home. Some quick examples would be no broken windows, railings on stairs with more than 2 steps and no peeling paint. Your lender or local agent can give even more details. The listing agent should know if the house they are listing will meet FHA requirements.
- 1 year ago
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Alicia Everett
Keyology Group LLC
Hello, Eric! Yes, 1-4 unit multi-family homes can qualify for an FHA if you owner occupy one unit starting at least 60 days after closing and staying at least one full year. FHA mortgages are government guaranteed loans which have requirements for the condition of the home to qualify. Some qualifications are listed below.
Must have an undamaged exterior, foundation and roof
Must have safe and reasonable property access
Must not contain loose wiring and exposed electrical systems
Must have all relevant utilities, including gas, electricity, water and sewage functioning properly.
Must have a working, permanent heating system that can heat the property adequately
Must have surfaces free of chipping or peeling lead-based paint
Must have adequate access to attic spaces and natural ventilation in crawl spaces
Must have access to potable water
Must be free from wood-destroying insect infestations
Must not have interior and exterior health and safety hazards, such as no handrails on steep staircases
Must be a marketable property
- 1 year ago
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