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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?
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.