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October 6, 2009
FHA Loan Question
Has anyone RECENTLY closed on a multifamily house with an FHA loan? Was the amount you could borrow limited by your anticipated rental income? (ie total monthly payment has to be no greater than 85% of your rental income?) I've spoken to numerous mortgage brokers who have given me slightly different stories on current FHA requirements.
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3 & 4 family homes are managed by the rental income, which is normally gauged at 85%, this may be adjusted lower to 75% if the market in that area is more unstable. I've heard both numbers used, I don't know how they really determine which of the two to use.
For a 1 or 2 family property it is based solely on the purchaser's income.
Posted by: mixicon at October 7, 2009 11:59 AM
Call our MB, David Roma. He specializes in FHA loans and is SO helpful and patient. He's wonderful, not pushy and available to answer any questions you may have after hours on his cell. Can't say enough good about him. Tell him Andrea and Anthony sent you.
(516) 753-6090 ext 230
Posted by: bedstuytownhouse at October 7, 2009 5:39 PM
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