Rental Property Investor · Jersey City, NJ · Member since 2013 · 88 posts · 7 votes
I have a duplex that I financed using an FHA loan (paid 3.5% and had to have MIP for 5 years and must pay off 22% of the balance)
I just had the MIP removed. Is my loan still considered an FHA loan? Do I qualify for another FHA loan or is just a one time thing? I still own the property and still live in one of the apartments. But I'm trying to purchase a second property that is a duplex as well and I'm planning to move in one of the the apartments there.
If not, is there financing that allow 10% or less for a duplex?
Realtor · Riverside, CA · Member since 2015 · 28 posts · 30 votes
8y
Until paid, the loan will be an FHA loan, even after removal of the Monthly MIP. Having another FHA loan will require an extenuating circumstance, like job relo, move more than 50 or 100 mile radius (can't remember the exact range), ect.
There are 10% down options for owner occupied duplex's, shouldn't be too hard to find.