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Updated over 9 years ago,

Account Closed
  • Indianapolis, IN
14
Votes |
15
Posts

Financial plan for a FHA on a live in duplex.

Account Closed
  • Indianapolis, IN
Posted

I am trying to put together a Financial plan for getting a live-in duplex on a FHA loan. I basically what to get a FHA loan and live in which is required and have a the other unit rented out. I'm just starting out and I need to save up some capital so I'm not looking to buy for another year and a half but I am trying to figure out how much I need to put together. I'm also trying to learn the actual process of a "mortgage" or getting loan for a house.

I'm looking to get a duplex for 50k rent @ 500 per side. I also wonder if paying rent for you own unit is a good idea because I will be using a property manager for it.

This is what I think I need to know and some questions I have. If I'm missing anything or know where I can find them out please fill me in.

What are all the closing cost associated with a FHA loan? Estimates?

Does the required down payment change depending on your credit score? I read somewhere that it would require 10% vs 3.5 if you score is under 500.

This is how I see the numbers right now 

3.5% of 50k = 1800 for down payment.

3k for closing cost?

500 for inspection 

So with this I'm looking at 5300 to get the property. Just looking for some insight on the total cost of getting a property at 50k so I know what I need to put together. I will also be using a property manager with runs about 10% of rent. Any advice or info is appreciated. 

Thanx.

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