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Can I get a FHA loan on a multifamily property?

by ricardo785 from Pullman, Washington. Oct 17th 2016 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

FHA is only for "Owner Occupied" properties.. So long as you intend on living in one of the units you can use FHA for up to 4 units... Understand that not every lender will do multi housing on FHA, so it's best you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Oct 17th 2016
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