Lets say its a triplex, you would live in one and rent the other two.
2007-12-12 15:36:11 · 3 answers · asked by drzdenizen 1 in Business & Finance ➔ Renting & Real Estate
I would not say easier, probably a little harder. Bonus is that you can count the rent as income in qualifying for the mortgage.
An excellent way to get in a multi if you are planning to live there is an FHA mortgage. They give similar rates on multis as on singles and you may be able to get in with very little down. Good luck.
2007-12-12 16:26:12 · answer #1 · answered by DLK 2 · 0⤊ 0⤋
1 thru 4 family residential properties are handled by the same mortgage brokers as regular homeowners' mortgages.
conservative appraisals and significant equity will be required, plus verification of the rent rolls, and this should be possible.
Of course, the interest rate will probably be 7 percent or higher, but what can you do??
2007-12-12 23:44:27 · answer #2 · answered by Spock (rhp) 7 · 0⤊ 1⤋
Easier than what?
Some lenders do not like to lend
on income units, others dont' care.
the loan interest is different depending
on whether you occupy one unit
or just have it for an investment.
to live in one, should be easy to get that mort!
2007-12-13 00:54:02 · answer #3 · answered by kemperk 7 · 0⤊ 0⤋