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8%-10% down on fha for duplex

(depending on closing cost may have to be 8%) - is this doable through fha? great credit and steady income. i know normally 8% down would get me an fha loan fine but many seem reluctant to fund duplex/tripex/fourplexes

by nsweeney486737 from Chapel Hill, North Carolina. Nov 5th 2014 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

This should not be a problem.. so long as you are going to live in one of the units.. FHA purchase money first lien positions are for owner occupied properties only.. The pricing will be slightly higher, but FHA only requires 3.5% down on this particular loan product.. Try contacting a local mortgage broker and apply with them.. because they work with numerous lenders, it's easier to find the one that allows duplex purchases.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 5th 2014
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Nevin Williams (NevinWilliams)
#42 ranked lender in North Carolina - 108 contributions

We can discuss in detail if you want answers. We also have in house loans that may allow you to do this non FHA which may be less expensive. No promises until I review everything but it is a possibility. I'm located in Raleigh off of Lake Boon and Blue Ridge Road www.RaleighHomeLoans.org 919-863-4370

Nov 5th 2014
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Nevin Williams (NevinWilliams)
#42 ranked lender in North Carolina - 108 contributions

Sorry for the typo Lake Boone. I hate to answer this question without knowing more about your situation. It would be easy to give poor advice without all of the facts.

Nov 5th 2014
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Sure, as little as 3.5% down is possible as mentioned above which is less than typically allowed for a conventional loan. Putting 10% down will allow the FHA mortgage insurance to drop off after a period of time too. It's worth looking at the portfolio loan people like Nevin may offer but the rate and terms may not be that much better than FHA. Let me know if I can help...

Nov 5th 2014
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