FHA is the only owner occupied loan you can get for a duplex that will allow a low down payment (3.5% as of March 2015), that doesn't require.
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"For whatever reason, the FHA, and even the VA, considers any property with four units or less as a single purchase," Turner says. "This means you can buy a duplex, triplex, or fourplex with an FHA loan or a VA loan." In order to qualify, you have to live at the property, using it as a primary residence.
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FHA Loans are always and forever for owner occupied borrowers. Will you be occupying one of the units? If not, the paperwork required will provide the lender with proof that you’re probably not going to occupy the property. Example: You live in a.
The most common ones include: Selling and buying a smaller home. Taking out a traditional forward mortgage or home equity line of credit, if the borrower can qualify and can afford. the upfront FHA.
Buying a duplex with the VA program can be very advantageous.. Help friends or family qualify for an FHA loan with a “family mortgage”.
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Can FHA Loans be Used for Investment Property? FACEBOOK. Another way to use an FHA loan to buy an income property is to purchase multi-unit dwelling. The FHA allows homeowners to buy a property.
DId You Know: First Time Home Buyers can Purchase a Duplex. – The typical cycle of real estate investment s looks like this: You buy a home with an FHA loan, live in it for a year, find tenants, then wait two more years before buying again. Buying a duplex with an FHA loan can fast track this process.
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The short answer is yes, an FHA-insured mortgage loan can be used to purchase a duplex property, as long as you meet a few key requirements. One of the most important requirements has to do with owner occupancy. generally speaking, the person buying the home must live in one unit, in order to use an FHA loan to buy a duplex.
If you can’t muster the big down payment, there’s another option available. You can apply for an FHA loan and put down just 3.5% down, even if it’s a duplex.. To make that deal even sweeter, the FHA doesn’t even require reserves for two-unit properties, so you don’t need extra cash on hand to qualify.