Updated over 8 years ago on . Most recent reply
Newbie question: what kind of loan can I get on my next property?
Hello BP
I have a newbie question. I'm living in my house right now, which is a SFH - I put 20% down. I was looking to buy my next property and I would like to use a fha on the next property if possible so I could use a low down payment... but would I have to live in it? What's a good way to buy my next property? Most likely a duplex or multi family house.
Most Popular Reply
For the 203k you will need to intend to occupy as the house as well. If you don't plan on occupying the residence and don't have the 20-25% needed for a down payment, I would look into creative financing. Do some research on contract for deed financing or BRRRR (Buy, Rehab, Rent, Refinance, and Repeat). If you are able to buy a property on contract that has under market rents, or you can force equity into via rehab one of these options may work for you. However remember you need to make sure your numbers will all work and that you buy a property below market value!