“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!
Image courtesy of Tiramisustudio/freedigitalphotos.net
