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is there a rate difference on an fha loan for a duplex vs a single fam home?

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July 20 2010 - Yonkers
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Dear Gabby 128,
    There is no difference in down payment or rate for a duplex versus a sing family home but there is some fee difference in the fact that the appraisal is more expensive due to more work on the appraisers part.  Income qualifying can be more difficult but up to 75% of the rent of the second unit can be used to qualify if a fully executed one year lease is submitted to the underwriter with the application package.   All FHA mortgages are owner occupied.  Additional cash reserves may be required by the underwriter for multi unit homes.  3 and 4 unit properties must have cash reserves and are generally much more difficult to finance.  Good luck!! [contact info removed by moderator]
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July 20 2010
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Just a friendly reminder that your contact information including phone number can only appear in your profile and not your answer.
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July 20 2010
 
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