FHA 2-4 unit Loans
San Diego FHA 2-4 unit Loans
FHA Loans to purchase San Diego 2, 3 or 4 Unit properties
We offer FHA Loans to finance the purchase of a San Diego multi family home (2-unit, 3-unit or 4 Unit, aka Duplex, Triplex, and Fourplex). This can be a great investment strategy, as you can live in one of the units and rent out the other units. Our San Diego FHA 2-4 Unit loans require the standard 3.5% FHA Down payment and that you live in and occupy one of the units.
You can use the rental income of the rented unit on a 2-unit or Duplex to help qualify. This will be determined either by using existing tenants and their actual rent rolls, or a projected rent schedule from the FHA Appraisal. Our FHA underwriters will allow you to use 75% of those rents towards your income for qualifying purposes on a 2 Unit or Duplex.
For 3-4 unit properties, the rents can also be counted towards income to help qualify – however the total projected net rents on the units must cover the entire PITI payment. Call for details. 866-900-2342 toll free direct. For Triplex and Quadruplex purchases, FHA also requires that you have 3 months PITI reserves remaining after closing this helps ensure you have the ability to weather vacancies, etc.
You can also utilize FHA Loans to Refinance your current 2, 3 or 4 unit property. Please call us direct for more info – 760-752-4480.
Call us if you are interested in purchasing a San Diego multi-unit property, and we can help you with the numbers. You might be surprised what you would qualify for! 866-900-2342 toll free direct.
We do suggest that you utilize a good San Diego Realtor when searching for a multi-unit property, as they can help with the property search, cash flow projections, and FHA property eligibility.
- You can utilize an FHA Loan to make your next home a true investment.
- 2019 San Diego FHA Loan limit for 1 unit homes and condo’s: $690,000
- 2019 San Diego FHA Loan limit for 2 units: $883,300
- 2019 San Diego FHA Loan Limit for 3 units: $1,067,750
- 2019 San Diego FHA Loan Limit for 4 units: $1,326,950
Many California counties are eligible for higher FHA loan amounts for FHA 2, 3 or 4 plex purchase and refinance.
Here is a complete list of California Counties and their FHA Loan Limits for Multi Units
Call the FHA Loan Pros at VanDyk Mortgage today at 866-900-2342 to get started, or >>>apply online here