The FHA loan is a popular mortgage option for many homebuyers with a low down payment requirement of 3.5% and reasonable guidelines.
Wells Fargo's FHA purchase transaction requirements on a multi-family (investment) property:
-An isolated case of derogatory credit will not cause a loan to be declined, unless the adverse credit is a Wells Fargo charge-off, settled-for less account, repossession, bankruptcy or foreclosure or deed-in-lieu.
-Borrower resides in one of the units and charges rent to tenants of the other units, that rent may be used for qualifying purposes. However, projected rent of additional units only and not the owner-occupied unit may be considered gross income, only after subtracting the jurisdictional estimates for vacancies and maintenance. The rental income may not be used as a direct offset to the mortgage payments. Search Multi-Family (Investment) Properties.
-Borrowers must still qualify for the mortgage based on credit, assets, and income. The projected rent may only be used as gross income for qualifying; it may not offset the monthly mortgage payment.
-On purchase and refinance transactions, the borrower must have three months’ mortgage payments (PITI) in reserve after closing. Gift funds may not be used to meet the reserve requirement.
For more information or to pre-qualify for a loan, you can contact:
Mortgage Retail Sales
NMLSR ID 420429
Wells Fargo Home Mortgage | 1500 W Benson Blvd | Anchorage, AK 99503
Tel (907) 257-3610 | Cell (907) 903-3509 | Fax (866) 972-5748
Anchorage Real Estate:
Anchorage Homes between $150,000-$200,000 http://www.homesbyvanna.com/listings/propertytype/SINGLE/minprice/150000/maxprice/200000/areas/30124/
Homes between $200,000-$300,000 http://www.homesbyvanna.com/listings/areas/30124/minprice/200000/maxprice/300000/propertytype/SINGLE,CONDO,MULTI,INCOME/listingtype/Resale+New,Foreclosure+Bank+Owned,Short+Sale,Lease+Rent/sort/price+desc/
Foreclosure Listings http://www.homesbyvanna.com/listings/areas/30124/propertytype/SINGLE,CONDO,MULTI,LAND,INCOME,COM/listingtype/Foreclosure+Bank+Owned,Short+Sale/sort/price+asc/
Multi-Family (Investments) http://www.homesbyvanna.com/listings/propertytype/MULTI/maxprice/800000/areas/30124/sort/price+asc/