Buyers may benefit, too, from nationally available mortgage programs with borrower-friendly down payment and credit score requirements. Explore options available to first-time home buyers in Alaska.
FHA Loans – FHA Duplex (2 Unit) Mortgage Loans. FHA loans are for owner occupied properties only, meaning you will need to live in one of the two units for at least 1 year. There is no maximum sales price but there is a maximum loan amount for this type of property. The actual maximum loan amount will depend what state and county the property is located.
The term “missing middle” comes out of the new urbanist movement, and generally refers to any building type larger than a duplex but smaller than a midrise apartment building. (Generally a half-block.
FHA is the only owner occupied loan you can get for a duplex that will allow a low down payment (3.5% as of March 2015), that doesn’t require landlord experience and that will count the future rental income from the other half of the duplex to help you qualify for a loan.
Buying a duplex or multi family home with 3-4 units gives you the advantage of financing the investment using one of the following owner occupied multi family loans. #1. FHA Loans: To be eligible for FHA loans, the investment property has to be owner occupied.
Iconic, and tall, downtown buildings like the Hotel President on University Avenue and 261 Hamilton Ave. (formerly occupied by University Art) are routinely cited by residents as among their favorites.
Some are purchasing two units (duplex). This allows them to spend more than they. they typically have 3.5 percent down working with a Federal Housing Administration (FHA) loan, and often asking for.
Second, to qualify for the IRC 121 principal residence sale tax exemption up to $250,000 (up to $500,000 for a married couple filing jointly), the seller(s) must have owned and occupied the residence.
FHA owner-occupied residency requirements. As mentioned, FHA guidelines require that borrowers live in one of the two units when financing a duplex with an FHA loan. You buy a duplex, triplex, or quadplex with an FHA loan (3.5% down), and your tenant’s rent.