As long as it is going to owner occupied, FHA Insured loans can be used to purchase one to four unit homes in the Eugene/Springfield Oregon area. There are additional requirements for three and four unit properties as far as cash reserve requirements than there are for one and two unit properties.
Normally FHA does not require any reserves (cash after closing), but that changes when we are considering three and four unit properties. The FHA borrower must have three months PITI (principal, interest, taxes and insurance) when purchasing these properties. There are also enhanced down payment requirements if using a non occupant co-borrower for two – four unit properties. The loan limit also goes up for 2-4 unit properties.
If you are considering purchasing a home for you and your family, call me today and let’s walk you through the process. Maybe it is time for you to buy, maybe it isn’t, but you won’t know until you check. Call me at 541-342-7576/541-221-3455 Cell or e-mail me.