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Updated about 7 years ago,

User Stats

14
Posts
7
Votes
Daniel J Jackson
  • Rental Property Investor
  • Austin, TX
7
Votes |
14
Posts

FHA loan on house hacking duplex when own SFH w/conventional loan

Daniel J Jackson
  • Rental Property Investor
  • Austin, TX
Posted

We own our current home with a 15-year conventional loan. We have about 80k in equity (about 40% equity). We would like to move about 20 miles away (my wife was offered a job on the other side of town). We would like to house hack a duplex or fourplex. Can we buy using an FHA loan? Will 3.5% down be possible? A mortgage broker we are using is telling me a duplex must be 5% down for FHA and must be more than 100 miles from our current home. Is that right? Any and all advice appreciated. Thanks all!

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