Recently I had a client who was unsure where she was going to live long-term. She considered buying a duplex in her current town, then buying again in a year if she decided to move. She needed to know if she could use an FHA loan twice. The question came up: can you have 2 …
Guidelines for 2 FHA Loans: 100 Mile Rule, Family Size, and More Read More »
Most people love the idea of investing in real estate. There are so many upsides: property appreciation, rental income, and the pride of running a small business. There’s just one big ugly enemy that keeps most people from doing it: fear. Here’s how to safely invest in property using an owner-occupied mortgage loan. See if …
How To Get Owner-Occupied Multifamily Financing In 2024 Read More »
When it comes to buying your first house, you can go the traditional route and buy a single-family home. But if you’re the kind of person who likes to think differently, a 2-4 unit home might sound more attractive. You own a home and collect rental income. And with a 3.5%-down FHA loan, the idea …
Multifamily Loan Calculator 2024: Single-Family vs Multifamily Payment Read More »
Breaking: Fannie Mae just announced a 5% down conventional loan with no self-sufficiency test. Interested buyers should apply now in advance of the change on November 20, 2023. Read more here. Buying a multi-unit house with an FHA loan is a fantastic idea. With one motion, you become a homeowner and a real estate investor. …
FHA Self-Sufficiency Test Calculator For 3- and 4-Unit Properties 2024 Read More »
Buying a duplex, triplex, or fourplex, and now a single-family with an ADU is one of the smartest things you can do in real estate. You become a homeowner and a landlord with one transaction. But not every buyer knows about an FHA rule that could make it easier to buy a multifamily property than …
FHA Rental Income Guidelines 2024 | Use Future Rent To Qualify Read More »
It sounds perfect – buy a home with two accessory dwelling units (ADUs) with just 3.5% down using FHA and rent out the ADUs. If only it were that simple. Unfortunately, FHA does not finance homes with two ADUs on the property. The HUD 4000.1 states, “The Appraiser must notify the Mortgagee of the deficiency …
If you’re looking for a multifamily property – a duplex, triplex, or fourplex – and want to use FHA, you may run into a common scenario: An ADU on the property. FHA has an interesting rule regarding 2-, 3-, and 4-unit properties with an Accessory Dwelling Unit (ADU): The ADU must be considered another unit, …
FHA student loan rules 2024: FHA now uses 0.50% of the loan balance for income-based or deferred student loans where the payment is $0. This replaces the old rule of 1.0%. These guidelines could help you qualify for a $25,000 higher home price based on the current student loan balance average. See if enhanced student …
FHA Student Loan Rules 2024: Afford $25,000 More Home Read More »
Buying a home in 2024 won’t be a walk in the park, but then again, it never has been. It’s always taken decisiveness and a certain grit to buy a home. 2024 will just take more of it. And that’s a good thing. In 2020 and 2021, there were as many as 50 offers on …
This FHA loan calculator estimates your funds needed to close after applying any down payment assistance and seller concessions. Get an idea of how much you’ll need in savings or other sources to buy a home in 2024. FHA loan primer FHA loans are a favorite of first-time buyers. In fact, over 80% of all …
FHA Loan Calculator 2024 With Down Payment Assistance Read More »
