“Buying a Duplex using a 203K Loan”

“Buying a Duplex using a 203K Loan”

 

 

Sorry for all the questions, but I got another one. What if I wanted to buy a duplex that needs some work? Would a 203k allow for that?

Tom

 

 It is so smart, especially for first time home buyers to purchase a 2-3-4 family home to live in and best of all the take advantage of the income to pay for the mortgage or at least some of it. There are many multifamily homes available that need renovations and a 203K FHA mortgage product might just be the perfect solution.

 

One of my clients recently purchased a 2 family that needed extensive renovations. Once all the renovations were completed, she rented out the second floor for $1250 per month and her mortgage payment was $1287. It just doesn’t get any better that that!

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 2 commentsJoe Petrowsky • January 27 2017 02:01PM

Comments

Great advice for 1st time buyers trying to get established. If I only knew then what I know now, I too might have purchased a duplex when I bought my 1st home.

Posted by Rebecca Lewis (ODAT Realty Services, Inc) almost 2 years ago

That is a good reminder. I am selling duplexes to investors becasue they count as one Fannie loan and the exit strategy is to sell the duplex to an opwner-occupant that gets the advantage of using part of the rent on qualifying and the rent to offset the payment. For some reason I never considered a 203K on anything but a single family and this is a good idea.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) almost 2 years ago

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