These particular buyers consisted of two families looking to purchase a duplex so each family can live in one unit. They decided that it makes more financial sense to buy a duplex rather than two separate homes. They were limited in cash and knew the only way they could purchase was with an FHA loan. A newly renovated property would be ideal since they didn’t have the resources to deal with extensive renovations and repairs. We knew finding a duplex that was within their budget and perfect for their housing needs would be challenging. Fortunately, we were able to find them the perfect fit.
- Location: Spring Valley
- Duplex: main unit – 3bedrooms, 2bathrooms / second unit – 2bedrooms, 1bathroom
- Large Lot
- Completely renovated
This particular duplex was completely renovated. It consisted of a 3bedroom, 2bath rear unit and a 2bedroom/1bath front unit and included a huge lot with room to expand. It was the perfect fit for our clients and was perfectly within budget. We had to offer strong (full list price at $604,0000) since there was high demand for this type of property at this price point, but we were able to negotiate seller credits for closing costs. Overall, the buyer was able to purchase the property with just 3.5% down payment and paid nearly nothing for closing costs due to the seller credits and loan structure.
Initially, the listing agent and his preferred lender expressed reservation about selling to an FHA buyer. Unfortunately, there is perception amongst many brokers that FHA loans can be challenging during escrow. Many believe FHA buyers have a hard time qualifying for 2-4 unit properties. Fortunately, we have an excellent preferred lender whom we refer to our clients. He has a strong history of successfully helping buyers just like this and we were able to close escrow in just 22 days from acceptance!
Is it really possible to buy a 2-4 unit property with FHA or VA?
If you’ve been contemplating the idea of buying a 2-4 unit property to live in and are wondering if it is possible, the answer is YES and here is the perfect example. FHA and VA loans are excellent for these types of properties and buyers.
Want to know more about this property or how you can purchase something similar? Give us a call! We’d love to hear from you and help you purchase a San Diego 2-4 unit property as a home, investment, or both!
Dycor Realty, Inc.
11440 W. Bernardo Court, #300
San Diego, CA 92127
DRE Lic# 01749497
Cell: (858) 449-1253
Fax: (858) 451-2588