FHA Duplex (2 Unit) Mortgage Loans
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FHA Duplex (2 Unit) family homes.
Guidelines for Duplex family homes:
FHA loans are for owner occupied, you will need to live in one of the units for at least 12 months. No maximum sales price however there is a maximum loan amount for a duplex (2 Unit) property. The concrete maximum loan amount will be contingent what state and county the duplex (2 Unit) property is located.
FHA Duplex (2 Unit) Mortgage Loans will guaranty a mortgage up to 96.5% of the purchased price of a 2 unit homes (duplex). for owner occupied properties only, FHA mortgages makes qualifying considerably easier than other real estate loan programs, by recognizing the buyer with up to 75% of the rental income of the other unit as “income” extending the buyer with an investment rental home.
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FHA Loan any homebuyer may use it (a common misconception is that FHA is for first time buyers only) as long as they do not currently have another FHA insured loan in their name, and if they do, it must be at a LTV of more than 75% of the current value of the home.
FHA’s nationwide mortgage limit for Two-Unit Financing: $347,000
FHA’s ceiling for two-unit financing in high cost areas is: $800,775
Rental Property You may own other rental property that is not financed by FHA and still use a FHA loan to purchase a primary residence
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Tags: FHA Duplex, Mortgage Loans
Very good info thank you most can really use this info to help in the hard times we live in.