Philip J. Cunningham Sr.
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152 215-725-5700 X49
"Because it's partially income property, can we get pre-approved for more than we normally would factoring in the income generated from renting?"
The answer is yes. On a 2 unit purchase the appraiser would develop an opinion of market rent of the 2nd unit. 75% of that rent would be used towards your income calculation. Therefore you would qualify for a higher purchase price.
AnnieMac Home Mortgage
Congrats on starting your home search and considering buying a multi-unit property!
I would be happy to discuss your search further, as well as send you potential properties that meet your needs.
If you want to contact me so we can discuss privately, that would be great.
The one upside to FHA costs would be the very generous closing cost credits offered on FHA loans by lenders. You should definitely ask about them.
Being first time buyers would not affect your loan application in any way.
You can purchase a 2 unit building with a regular FHA mortgage since you will be occupy one unit.Depending on income, you may be able to use a program to get you a 3.25% rate .
Please contact me to discuss specifics.
Century21 Advantage Gold