According to Fannie Mae guidelines, the property must be either a two- to four-unit residence that is owner-occupied, or a one- to four-unit investment property. That means if you’re going to live.
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A major eligibility requirement for obtaining a FHA mortgage is that the property being purchased has to be owner occupied. This simply means that the borrower has to actually make the property his residence and not just be an investor.
But if you buy the duplex next door, again as owner occ for the owner occ rate. When you buy any property with an FHA loan, it is for the intent of occupying it.
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Either way, the additional requirements for an FHA loan on a duplex are. “The FHA program is for owner-occupied units, so you should use it.
"FHA only requires a down payment of 3.5% for owner-occupied properties with credit scores down to 580," says Erin Lantz, vice president of mortgage with Seattle-based Zillow. "With 10% down, FHA.
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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.
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 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.
· The Duplex, Triplex, or Fourplex Property. The right property for such an arrangement essentially means how many units are attached to yours. With a duplex, the owner lives on one side and the tenant on the other. A 2-4 unit property, sometimes referred to as a “triplex” or “fourplex,” has two or three available units to rent out.
Can FHA Loans be Used for Investment Property?. mortgages for dwellings with up to four units, provided one of them is owner-occupied.