Fha Loan Duplex Owner Occupied

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A duplex home buyer can qualify for a 3.5% down payment duplex mortgage loan ; This only holds true if the duplex is an owner occupied residence; duplex mortgage loans have higher FHA loan limits than single family loans; rental income for the additional unit can be used for income qualification

. available, the HUD requires that the loans are only used for owner-occupied homes.. FHA loans are also available on duplexes, triplexes, and even quads.

When using an owner occupied fha loan for a duplex, you can use 75% of the estimated rental income from the other half of the duplex to help you qualify for the loan. This enables you to get a bigger loan than you can afford because your income has increased from being a future landlord.

"How to Be a First Time Homebuyer TWICE!!!" Jay Morrison FHA Home Loan for Multi-Unit Properties There are many assumptions about home loans, especially in the realm of government home loans. One may typically assume that if the government is administering a home loan that it is only allowable to pertain a modest, single-family property with these funds.

FHA Loans – FHA Duplex (2 Unit) Mortgage Loans. FHA loans are for owner occupied properties only, meaning you will need to live in one of the two units for at least 1 year. There is no maximum sales price but there is a maximum loan amount for this type of property. The actual maximum loan amount will depend what state and county the property is located.

"An Owner-Occupant Borrower is a Borrower residing in the Property secured by the FHA-insured Mortgage as a Principal Residence." A Down Payment of 3.5% Is Required for Duplexes. When using an FHA loan to buy a duplex home, borrowers are generally required to make a down payment of at least 3.5%.

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