FHA questions - Posted by Bill A.

import · March 13, 2001, 12:02am

Posted by Bill on March 14, 2001 at 23:35:04:

Bill

import · March 13, 2001, 12:02am

Posted by Bill A. on March 13, 2001 at 01:02:52:

Quick question for you pros out there:

Is the FHA 3% down mortgage program applicable to multi-unit props as long as owner is occupying a unit? I’d like to look into getting a 2-5 unit prop in Manhattan and occupying 1 unit if I can qualify for the 3% mortgage. Any other limitations to know about this program?

Thanks for any and all responses,
Bill

import · March 13, 2001, 7:41am

Re: FHA questions - Posted by Nate

Posted by Nate on March 13, 2001 at 08:41:38:

FHA applies to 1-4 unit properties only. The 2 unit would work; 5 unit would not.

Also, check what the FHA mortgage limits are in your area. I am sure they are relatively very high in Manhattan, but still may not be high enough to actually buy anything.

NT

import · March 13, 2001, 9:10am

Re: FHA questions - Posted by Nate

Posted by Nate on March 13, 2001 at 10:10:22:

Just so you know, I was on the HUD website and found the info so I thought I would post it and save you some time.

The 2001 FHA mortgage limit in New York City for a 2-unit property is $306,198.

NT

import · March 14, 2001, 12:31am

Re: FHA questions - Posted by Bill

Posted by Bill on March 14, 2001 at 01:31:23:

I have a feeling the only 2-unit property I’ll get for 306K will be in the Bronx. No way!

Thanks for the help, Nate.

import · March 14, 2001, 11:18am

Re: FHA questions - Posted by Nate

Posted by Nate on March 14, 2001 at 12:18:16:

You’re welcome.

Just for future reference (of you, and anyone else wondering), there’s a link to the FHA mortgage limits directly from the HUD webpage, www.hud.gov. It lists all the limits by number of units for every county or metro area in the U.S.

NT