I found an off-market duplex that is in a USDA eligible area. I'm wondering if it'd be possible to use a USDA loan to finance both the loan and the rehab costs. I plan to live in one of the units and rent out the second one.
Here are the details of the property:
Purchase Price: $250,000
Rehab estimate: $100,000
After-Repair Value: $450,000
Rental Income (from vacant unit): $2,600
Would 100% financing be possible through USDA? Can I roll my closing costs into the loan? Also, can I roll-in the lost rents from the 3 to 6 months that the unit will sit vacant?