In my early 20s, I bought my first home, a small duplex outside of Camp Lejeune Marine Corps Base that I purchased for about $42,000. I secured FHA financing. You can sometimes buy property without.
Buying a 2-4 Unit Home using an FHA Mortgage – Buying a 2-4 Unit Home using an fha mortgage. january 31, 2013 by rhonda porter 13 Comments.. If you are considering buying a duplex, triplex or fourplex and you’re going to live in one of the units, FHA is a possible mortgage option.
"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. That’s where the multi-unit part of the plan comes into play: You live in one of the units and rent out the rest.
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It may seem impossible to buy a duplex or multi-family unit with your budget, but the reality is it might not be as hard as you think. According to Anthony Lococo, Vice President of Cornerstone Mortgage, "If buying an owner-occupied duplex, you would definitely be able to use [the potential] rental income from the second unit" to help you.
Hey guys in this video I talk about using house hacking with an fha loan to purchase an investment property. The fha loan is a perfect loan for people just getting started in life and want to.
This story was originally published in The Denver Post on June 18, 2006. Margie Ibarra worried about paying $160,500 for half a duplex. She knew she was buying it with no money down and a pair of home.
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Generally speaking, the person buying the home must live in one unit, in order to use an FHA loan to buy a duplex. The borrower must also make a down payment of at least 3.5% of the purchase price or appraised value.
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.
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