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Can I get a fHA mortgage if I'm wanting a duplex/ half to rent?

Plan is to buy an entire duplex, move in with my husband in one side and rent the other side out. Can this be done with fha loan and still for 3.5% down? by carolineiyg75789189 from Urbana, Illinois. Feb 27th 2015 Reply


John Paunan (jpaunan)
#24 ranked lender in Illinois - 21 contributions

Yes...

Feb 27th 2015
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Patty Harrison (PattyHarrison)
#94 ranked lender in Illinois - 61 contributions

Yes, you sure can as long as credit and income is sufficient. Please click on my logo if you would like more information.

Feb 27th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Yes.. FHA allows you to purchase up to 4 units so long as you occupy one unit as your primary residence.. but understand that FHA does not lend money.. they only insure loans against default.. the lenders, or those with the $$$, will oftentimes have their own rules above what FHA calls for.. It's these "Overlays" that might require a larger down payment or restrict the property type.. For this reason, I suggest you contact a local mortgage broker, and not a bank or credit union.. Brokers deal with multiple lenders ( I have 21 ) with each lender offering a different set of rules.. the more lenders, the more lending options and the greater likelihood of your loan getting approved.. 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

Feb 27th 2015
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Yes. No problem at all. I am a mortgage broker here in Illinois (Chicago suburbs). Feel free to contact me anytime and I can get your pre-approval letter sent you you right away. :-)Kris Krajecki 630-347-6321

Feb 27th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Sure thing, just get the process started to be pre-approved.

Feb 27th 2015
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Ronald Bolton (mortgagemanrb@gmail.com)
#123 ranked lender in Illinois - 2 contributions

That actually is a perfect plan of action.Investing in real estate this way allows the opportunity to continue to fix and flip.Capital Lenders Intl.com312- 566- 6085 RonF.H.A. , Investor Capital Specialist

Mar 2nd 2015
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Ronald Bolton (mortgagemanrb@gmail.com)
#123 ranked lender in Illinois - 2 contributions

Capital Lenders Intl.com Investor capital, F.H.A. 580 to 600 middleCommercial and Import and Export312-566-6085

Mar 2nd 2015
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