I will like to buy my first home using fha. The first home will be a 4-plex. Is this possible?

This is a great strategy. I have helped several young individuals/couples start their real estate empire doing just what you are doing. FHA requires that you take occupancy within 60 days and you must make it your residence (one of the units) for at least 12 months. Give me a call and we'll get your escrow closed quickly. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ Licensed in California and Arizona ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Ok.. so in general, you can use FHA to purchase a 4plex.. And usually 3.5% would be the down payment.. However, since your purchasing it from a relative, then FHA has very specific rules in place.. The biggest is regarding the loan to value.. for "Non-Arms length" transactions, the maximum LTV is 85%... so you would need either 15% down payment or a minimum of 15% equity..The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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. 480-287-5714 WilliamAcres.com

i have a excellent loan officer referral for you.. many years of experience. and she is right there in your area, email me at yourloanpartnerforlife@live.com or ohone me at 602 330 1598 linda

FHA is a great way to go to buy this property. You will need to live in one of the units for at least a year. Your best bet is to call a local mortgage professional in your area. I would contact Linda 123 and call her referral. Good luck and Merry Christmas!

I am located here in Irvine, CA i am affilitated with many other direct lenders such as American Lending and GEM mortgage this loan is definitely doable with 3.5% down of course you have to be making Income, have bank statements to provide that you have reserves and also have a good FICO score, with that being said if you have any questions please feel free to contact me my direct number is 201-673-7205. Good Luck and Have a Merry Christmas

You must occupy the property for a minimum of 1-year on ANY loan in which you are using an owner occupied loan before you can turn it completely into a rental.

Because you are buying the home from your grandparents it may be possible to reduce the amount of downpayment you need by considering the difference between the purchase price and the current value as a "gift of equity" (assuming it is higher). A good mortgage lender will be able to walk you through this as an option, and additional reserves certainly would strengthen your application - plus allow you to preserve cash toward future purchases.

This question is multi-faceted and will require a bit more time than just here for discussion. But just to clarify, if you are buying a place owner occupied with FHA financing, you must stay owner occupied for the duration of the mortgage. This is part of the contract that you will sign through escrow. The down payment will be for owner occupied properties and can be found at www.HUD.gov. Happy holidays and good luck.Andrew Alfonso

Yes, you can use an FHA loan to buy a 4 plex. It does make a difference , if the prtoeprties are alraedy under a lease. You will need to live in one unit. You can do over 80 % loan to value, but if you do, there will be private mortgage insurance up to 96.5 % LTV. FHA allows lower credit than conventional loans..... down to 640. Qualifying for the loan is the same as a single family home except for the other units. You woudl be well advised to set up your loan before looking for proeprty because then you will know the price that you qualify for. We'd be pleased to work through the figures for you.Call me at 760 208 2609 or email me Kevin@realty-answers.com

This question is multi-faceted and will require a bit more time than just here for discussion. But just to clarify, if you are buying a place owner occupied with FHA financing, you must stay owner occupied for the duration of the mortgage. This is part of the contract that you will sign through escrow. The down payment will be for owner occupied properties and can be found at www.HUD.gov. I would recommend that you have a meeting with a loan officer that is a specialist in FHA here in San Diego. I am here in San Diego and have 30 years experience in the mortgage industry. I can be reached at 858-926-8904 or you can email me at kprince@liberty1amc.com. Merry Christmas! Kevin Prince SVP Liberty One