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FHA Duplex Loan

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Clyons0203
Valued Member

FHA Duplex Loan

I am looking to buy a duplex home as an owner occupied unit.  I have good credit 785, very low debt, but not much in savings.  I see 3.5% is required for down payment.  85k income and looking to buy something around the 170-190k range.  I am not a first time homebuyer.  I have a rental property I purchased back in 08.

 

Where should I start?  I want to have my homework done before calling a bank.  Being that it is an FHA loan will the rate, MIP, terms etc... all be the same amonst the lenders?  Any other lenders offer low down payments?

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ShanetheMortgageMan
Super Contributor

Re: FHA Duplex Loan

You'd start like any other loan, although probably want to make sure your loan officer has experience or is aware of the guidelines when purchasing a multi-unit property with FHA financing.

 

FHA rates vary from lender to lender, just as other loan programs rates do.  The rate or MIP isn't any different for 2-unit FHA vs. 1-unit FHA.

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