“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?
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!
Image courtesy of Tiramisustudio/freedigitalphotos.net
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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
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.
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