If you’re a business owner, you could purchase a residential property with a storefront or other business-purpose square footage with 3.5% down. Or, you could rent out commercial space to a tenant, offsetting primary housing expenses. Surprisingly, FHA allows a portion of your primary residence to be commercial space. It even lets you finance the […]
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 from a lender.
Over the past 10 years, buying an owner-occupied multifamily property has become insanely popular. And with Fannie Mae’s new 5% down multifamily program for 2-4 unit properties, it’s going to get even crazier. This strategy, known as “house hacking” can get your foot in the door as a landlord while reducing monthly housing expenses, thanks
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. Speak to
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
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.
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
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,
It’s official: As of November 20, 2023, Fannie Mae allows 5% down payments for owner-occupied 2-, 3-, and 4-unit (multifamily) homes. This is a surprising reversal of the years-long policy of requiring 15-25% down for duplexes, triplexes, and four-plexes. It will be a major benefit to those looking to purchase a multifamily home to live