FHA guidelines require the home that you purchase to be your primary residence. However, if you purchase a single-family home, you may be permitted to earn rental income by renting out a room. Does FHA allow you to rent out a room in a single-family property? The FHA requirements are clear that when you purchase …
Can You Rent Out A Room With an FHA Loan? What To Consider Read More »
FHA buyers who have looked for a duplex, triplex, or fourplex lately have probably found out that competition is fierce for these homes. If you do find one for sale, you’ll probably have to go head-to-head with cash buyers and conventional, 25% down investors. But what if you could buy a single-family home and convert …
Can You Use FHA 203k To Convert A Single-Family To Multifamily? Read More »
Many first-time and repeat buyers wonder if they can use a co-signer on an FHA multifamily duplex, triplex, or four-plex loan. Unfortunately, you can not use a non-occupying co-signer on a 3.5% down FHA loan for a 2-4 unit property, per HUD guidelines. While this is disappointing news, here are some things you can do …
You Can’t Use A Co-Signer On An FHA Multifamily Loan. What To Do Instead Read More »
Two powerful but underutilized features of FHA loans are 1) buying a multifamily home, and 2) property rehab. But can you combine these features to get an FHA 203k rehab loan on a multifamily? Yes, you can. FHA allows its 203k loan to be used on 1-4 unit homes as long as you plan to …
How To Get An FHA 203k Loan On A Multifamily Home Read More »
One of the most powerful features of FHA multifamily homebuying is that you have access to higher loan limits than are available for 1-unit, or single-family, homes Loan limits, believe it or not, can exceed $2 million. Here’s how to leverage increased FHA multifamily loan limits. Get an FHA multifamily rate quote. Start here. FHA …
FHA Multifamily Loan Limits for 2023 | How To Buy The Most Home Read More »
One of the best investment opportunities in today’s market is the FHA multifamily loan. With it, you can buy a primary home and an investment property in one, with just 3.5% down and a credit score as low as 580. FHA’s mission is to encourage homeownership, and that includes a duplex, triplex, or fourplex where …
Top 10 Residential FHA Multifamily Lenders In The U.S. Read More »
While FHA loans are only for owner-occupied properties, you can buy a quadplex with one of these loans. That’s because FHA considers a property “owner-occupied” when you live in one of the units. This applies even if you rent out the remaining units. But the question arises: what if you find a quadplex that you …
If you’ve looked into buying a duplex, triplex, or quadplex with an FHA loan, you probably have already discovered how good a deal these can be. With just 3.5% down, you can become a homeowner and a landlord in one move. Live in one unit, and get your mortgage paid by your tenants. And now, …
Reduced FHA MIP 2023 Will Help You Buy A 3 or 4-Unit Property Read More »
When people think of home affordability, they consider getting the best purchase price, lower mortgage rates, or home buyer assistance. All those can go a long way toward affording a larger home and mortgage, but what about solar? Yes, a solar panel system can help you qualify for more house. Here’s how. Qualify for a …
How Solar Can Help You Afford More Home: FHA EEH Policy Read More »
When your mortgage lender asks for a letter of explanation for derogatory credit, they want to prove that your credit troubles are behind you and are not likely to happen again. Knowing that, here are templates to write the perfect LOE for past derogatory items on your credit report. >>Download the Word document here >>Go …
Sample Letter of Explanation For Derogatory Credit For A Mortgage Read More »
