What You Need To Know About Purchasing a 3 to 4 Unit Building Using FHA Financing

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We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Homeowners Insurance Quote . Guidelines for Purchasing a 3-4 Unit Property with FHA Financing Are you a first time homebuyer interested in purchasing a 3-4 unit property in Alameda? Good news, with FHA financing you can do just that with a 3.5% down payment! Following are some of the guidelines for qualifying for this financing: For starters, the property has to be your primary residence- meaning that you must live in one of the units. Three to four unit self-sufficiency test: The maximum mortgage for three and four unit properties is limited, so that the ratio of the monthly mortgage payment, divided by the monthly net rental income does not exceed 100 percent, regardless of the occupancy status. • The monthly mortgage payment calculation for three and four unit properties includes the following: Principal, interest, taxes, insurance (Principle, Interest, Taxes, and Insurance - PITI), including monthly mortgage insurance, and homeowner association dues computed at the note rate, if applicable. • Net rental income for three and four unit property is calculated using the following formula ⇒ the appraiser's estimate of fair market rent from all units, including the unit the borrower chooses for occupancy, and ⇒ minus the greater of the appraiser's estimate for vacancies, or ⇒ vacancy factor used by the jurisdictional HOC. This net rental income calculation is used to determine the maximum loan amount. In layman's terms, the total rents must be the same or greater of the total monthly mortgage ...

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