Duplex FHA Financing Question

7 Replies

hey all.  New to the site.  So quick question.  I got a pre approval for an fha loan on a duplex.  Here's the problem.  It has a finished entertaining area with a kitchenette and a bathroom.  It is on a separate meter.  I'm worried they're going to call it an Aditional dwelling unit and decline the loan.  I'm worried because I really can't afford a 40,000 down payment on a conventional loan.  Does anyone have any suggestions? 

I don't understand what the worry is? You can get an FHA loan on a duplex. Your mortgage broker should be able to reassure you, that's his/her job. If you aren't sure of his/her confidence shop around for another.

Welcome to the site.  

FHA will finance up to 4 units. So if your duplex is really a triplex it shouldn't matter

exactly Max... But...  Here's the problem.  And I know the current garage area is not attached,  it has its own electrical meter,  and it has a hangout area with a kitchen and stove in it.  So if I remove these would it then qualify? 

Still don't understand your question. How many units is your property set up with?

I currently live in a SFR. I want to buy up to four units with FHA. If I lease my house for one year tomorrow can I then go in and apply for the FHA loan or do I need to wait until it has been rented for one year. My income does not support two mortgages.

I currently live in a SFR. I want to buy up to four units with FHA. If I lease my house for one year tomorrow can I then go in and apply for the FHA loan or do I need to wait until it has been rented for one year. My income does not support two mortgages.