Posted on: 07th Nov, 2010 09:04 am
My husband and I want to buy a fourplex with another couple. We want to know if we would be able to do this with an FHA loan. We aren't related but I don't know if an LLC could qualify for an FHA, so how could we apply for a loan together? They would live in one of the units. We all have good income history, but we have more steady income since both of them are masters students (but they would be able to front 30k for a down payment, where we could only put 10k). Please help me figure out what our options are, thanks.
Welcome romans,
You can contact the local FHA approved lenders and apply for a mortgage to buy the fourplex. The lender will go through your credit and financial situation and let you know whether or not you can get a mortgage. In case, you aren't able to get a FHA loan, you can apply for a conventional loan.
You can contact the local FHA approved lenders and apply for a mortgage to buy the fourplex. The lender will go through your credit and financial situation and let you know whether or not you can get a mortgage. In case, you aren't able to get a FHA loan, you can apply for a conventional loan.
Actually we can't apply for a conventional loan, as that would require 100k down, which we do not have. We were hoping to be able to figure it out before going through all the work of finding a place and working out the profit share details and everything. Thanks though.