There are specific requirements which both you, as the Purchaser, and also the subject property must meet. (for one; the property has to be in a livable condition.) However, if you are a first time home buyer, or someone looking to downsize, or start fresh, maybe after a divorce…? You are able to purchase a duplex, a tri-plex or a quad-plex, with FHA backed financing with a 3.5% down payment. Not to mention… As long as the subject property is your primary residence then the lender is able to count your new anticipated rents as income.
For St Tammany Parish, the current FHA purchase price limits are as follows:
- Single family residence - $287,500
- Double or Duplex – $368,050
- Tri-Plex – $444,900
- 4-Plex or Quad – $552,900
For Tangipahoa Parish, the current FHA purchase price limits are:
- Single family residence – $271,050
- Double or duplex – $347,000
- 3-plex or tri-plex – $419,425
- 4-plex or quad plex -$521,250
For Washington Parish, the current FHA purchase price limits are:
- Single family residence – $271,050
- Double or duplex – $347,000
- 3-plex or Tri-plex – $419,425
- 4-plex or Quad-plex – $521,250
Buying a duplex and living in one half while renting the other out is a great way to live with a low note, as well build equity with an income generating property. Why not do the same with a 3 or 4 plex? Get yourself on the path of financial freedom!
If you would like for us to place you in touch with an FHA certified lender, so you may pre-qualify yourself for a purchase; please contact us at 985-867-8670 or at marc@mmsre.com.
Thank You
Marc