An FHA Loan is a mortgage that’s insured by the Federal Housing Administration. They allow borrowers to finance homes with down payments as low as 3.5% and are especially popular with first-time homebuyers. FHA loans are a good option for first-time homebuyers who may not have saved enough for a large down payment.
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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 landlord experience and that will count the future rental income from the other half of the duplex to help you qualify for a loan.
3.5% Down Payment Do you dream of having your tenants make your mortgage payment for you each month? Have you ever thought of making your first home, an investment home as well? FHA allows you to buy a duplex, live in one unit, and rent out the other side. FHA also allows 3 and 4.
FHA loans will finance up to 96.5% of the value of a 2 unit homes (duplex). FHA mortgages makes qualifying slightly easier than other real estate loan programs,
How You Can Use FHA Duplex Financing to Become A Real Estate Investor A government loan program can set you up with an investment property for low money down, even if you have poor credit Mark.
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Wondering what strategy you should take to obtain your first investment property? Learn why a duplex financed with an FHA loan is a great.
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This is part of an ongoing blog series in which we answer common questions about FHA loans. Today's question is: Can I use an FHA loan to buy a duplex- style.
Financing a duplex with an FHA loan. For many people, Federal Housing Administration loans are a smart option for the purchase of a duplex due to low down payment and easy credit requirements. With FHA financing, the minimum down payment is 3.5% whether you’re buying a traditional single-family home or a duplex.
The FHA has a maximum loan amount that it will insure, which is known as the FHA lending limit. These loan limits are calculated and updated annually, and are influenced by the conventional loan limits set by Fannie Mae and Freddie Mac. The type of home, such as single-family or duplex, can also affect these numbers.
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