Are there FHA loans for multi-family homes in Los Angeles County? (sales, real estate)

[RanchoSantaFeOrBust]

I've searched the internet and called HUD themselves but I still can't get a concrete answer. Does anyone have any information on this subject? Thanks in advance.

[echoParkDate]

up to 4 units, yes. its considered a residential loan.

I would say its virtually impossible to buy an apartment building in LA with FHA in this market though. Anything decent gets cash offers, FHA buyers have no chance.

[thelopez2]

Yes LA county limit on the 4 unit is about a $1.2 Million loan limit. Limits vary by county.

[RanchoSantaFeOrBust]

Originally Posted by echoParkDate

up to 4 units, yes. its considered a residential loan.

I would say its virtually impossible to buy an apartment building in LA with FHA in this market though. Anything decent gets cash offers, FHA buyers have no chance.

Thank you. So when I see property requirements on FHA websites that say:

"In general these are property eligibility requirements for all CalHFA programs:

The home must be located in California.
The home must be your primary residence.
The sales price of the home must be less than the allowable sales price limits.
There is a five (5) acre maximum on the size of the property.
The home must be a single family residence (detached).
Guest houses, granny units and in-law quarters may be eligible
The home can be a condominium or attached unit in a planned unit development (PUD). (Check with your lender for eligible condominiums.)"

properties with up to 4 units still apply? I notice that the direct quote says "In general these property eligibility requirements..." Would this give me the leeway to buy up to 4 units?

[RanchoSantaFeOrBust]

Originally Posted by thelopez2

Yes LA county limit on the 4 unit is about a $1.2 Million loan limit. Limits vary by county.

Thank you. Please see my response to the other poster. I have another question.

[thelopez2]

Calhfa has different requirements as standard FHA. So 4 units does not apply.

[echoParkDate]

CalHFA has nothing to do with FHA. The fact that you are asking this indicates to me that landlording might not be your cup of tea.

[RanchoSantaFeOrBust]

Originally Posted by echoParkDate

CalHFA has nothing to do with FHA. The fact that you are asking this indicates to me that landlording might not be your cup of tea.

Gotta learn somewhere! I appreciate the help.

[tashagwilt]

Don't get discouraged - you have to start somewhere. And be encouraged that you are taking steps to look at adding real estate to your investment portfolio - it is something that the majority of the very wealthy have done throughout their lifetime.