I am working a loan with a guy who says his home is taxed and recorded as a 4-plex. It is a 3 unit building and 1 other in which he lives. Is this going to be an FHA compliant 4-plex?
It will depend on the appraiser’s analysis of the property. If the “1 other in which he lives” is a separate building and the other 3 units are in a different building, then it will likely not be eligible. Please understand that I’m not able to give a full analysis until we see the appraisal. The main issue is if the units are in separate buildings. If they have 4 units but 3 in one building and then an SFR it will not be acceptable.