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Updated almost 9 years ago on . Most recent reply
FHA, Multifamily and Use of Current Rents as Income?
Hello,
I have read when applying for a FHA loan you can use 75 percent of currently rented units for your income. Is this true?
So if a duplex rented $500/unit, could I add $375 to my income? How is this affected if both units are rented? I assume I cannot use the $375 twice since I will have to occupy one of the units after closing.
Can you do this only with FHA?
Thanks!