Preciselywhat are FHA’s standards to own a combined-have fun with property?
Information
Homebuyers can use an enthusiastic FHA loan to get a blended-play with, multi-equipment property with a downpayment out-of merely 3.5% of your own property’s purchase price.
FHA’s low-down commission option and versatile program assistance succeed simple for homeowners, even first-timers. You can own the building your location and you will works otherwise make money off residential and you will industrial tenants.
What is a blended-fool around with assets?
An everyday blended-explore possessions inside the Chicago was a multiple-facts strengthening in a densely populated society. Basically, the economical area are a ground-floor retail store, workplace, otherwise cafe. At the same time, brand new home-based products try leases to your top floor .
- Property type of: FHA makes it possible for dos-to-4-equipment functions having commercial space, given no less than 51% of your entire building square footage is for residential explore. In addition to, the property need to comply with most of the applicable zoning ordinances.
- Occupancy: You should inhabit at least one of the equipment as your number 1 house within two months off closing and you can live truth be told there to have at least one 12 months.