Everyone wants to have a home they can truly call his own. When it comes to buying one, most settle for the conventional, single-family properties. And while there is nothing wrong with this, know that with today’s FHA/HUD loans, you can get so much more than just a single-family dwelling.
The multi-family property: Why push for it?
Although for many individuals a single-family residential unit is enough, many others require the particular benefits only multi-properties have to offer, shares Bonneville Multifamily Capital.
For instance, there are the families who want or need to be really close together, especially when they have aging parents, in-laws, or disabled family members. Some home buyers who opt for multi-properties also do so because they want the extra space for their extended family. Then, there are those who want to live with some sort of independence, and while this means still living under the same roof, it gives them the freedom to have their very own separate living space.
For business-minded individuals, a multi-property comes in the form of additional income, as they can have the other residential units rented out.
The HUD loan allowing you to purchase a multi-family property.
Much thanks to the Department of Housing and Urban Development (HUD), there are now loans that home buyers can qualify for to finance the purchase of multi-family properties. A good example of this is the HUD 223F loan.
Leverage, longer terms, and easier on your pockets.
As of today, this is the only housing financing program enabling borrowers to get as close as possible to the leverage they had several years ago. Also, you can get these loans also on longer terms and amortizations compared with traditional or standard loans. With a 35-year, fully amortizing, fixed-rate loan, you can spread your payments over a course of 35 years, making it easier on your finances.
Through these HUD loans, you can realize not only your dreams of becoming a home owner, but also become a business owner that allows people to have a roof over them.