Home Buying in Worcester>Question Details

Dawn, Other/Just Looking in Worcester, MA

can you get an FHA loan for multi family property?

Asked by Dawn, Worcester, MA Tue Apr 24, 2012

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Yes and also look into Mass Housing programs http://www.massresources.org/masshousing-loans.html
0 votes Thank Flag Link Thu Sep 27, 2012
You sure can! You need to live there as well as qualify.
0 votes Thank Flag Link Tue Apr 24, 2012
Yes, I just had a client buy a 3 family in Lynn using an FHA loan. You need to speak to a Mortgage Professional that knows the FHA Guidelines. You can get a free copy of my FHA Loan Requirement Guide here http://massrealestatehunter.gotothiswebpage.com/beverly-real…
0 votes Thank Flag Link Tue Apr 24, 2012

See link below for all Worcester multi-family homes currently on the market.
Web Reference: http://goo.gl/LXVZt
0 votes Thank Flag Link Tue Apr 24, 2012
Absolutely. You would need the standard down payment of at least 3.5% down. The rent from the property can be used to help qualify your income. The 3.5% down can be paid by the seller or as a "gift" from your family..... so you can potentially come to closing with no money out of pocket.

If you need assistance in obtaining a no cost, no obligation pre-approval, please contact me @ http://www.LendWithScott.com .

Scott McCauley
Licensed Mortgage Planner
Regency Mortgage Corp
NMLS #174108
0 votes Thank Flag Link Tue Apr 24, 2012
yes. 3.5% down payment for 2-4 family homes. all subject to you qualifying for credit, income and down payment but potential rent can be used in qualifying.
0 votes Thank Flag Link Tue Apr 24, 2012
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