How can you use a USDA to invest?
I'm currently reading 'the book on investing in real estate with no and low money down' by Brandon Turner. And I'm reading about the USDA loan, (in the book, it states that its only for rural single family homes only, but reading through the forum, I see that you can buy a multi-family property with a USDA loan, depending if the location of the property is eligible. Is this accurate?
If it's only for rural single family homes, how are you investing, if you must reside in the residence?
Buy a duplex and live in one side, or buy a property with a mother in law house behind it. Live in one, rent out the other.
So, to be clear, you can purchase a multi-family property (2-4) units, through the USDA loan, providing you are residing in one of the units, and of course meet their requirements?
Was the USDA Loan ONCE designed just for rural single family homes?
Correct you can purchase a multi-family property as long as you live in it for at least 1 year. USDA loans are also used for single family homes as well. The qualifications generally depend on the location of the property and whether or not it is in a USDA approved area. There are some other qualifications as well, generally the seller will advertise if the property is eligible as it opens up the market to more potential buyers. It's easier for SFH rather than MFH, as for MFH there are more stringent guidelines.
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