Florida Multi-Family Property Loan, Duplex, Triplex or Fourplex’s
Ever wondered if you can buy a Florida Multi-Family Unit Property and get someone else to pay your mortgage?
You could do that when purchasing a Duplex, Triplex, or Fourplex to Earn Rental Income.
The Multi-Unit, Duplex, Triplex, or Fourplex Purchase Strategy.
The demand for Florida Multi-Family Unit Properties rental property is on the rise. Rental housing demand has increased, allowing landlords to charge higher rents.
Purchase a Florida multi-unit property, such as a duplex or 3- or 4-unit property. You live in one of the units and rent out the others out.
The right property for such an arrangement essentially means how many units are attached to yours. With a duplex, the owner lives on one side and the tenant on the other. A 2-4 unit property, sometimes referred to as a “triplex” or “fourplex,” has two or three available units to rent out.
Each unit should have a separate entrance, kitchen, bathrooms, and utility meters. As a rule of thumb, each unit should have the same amenities as a standard single-family home.
Here’s an example of the economic advantage of a 2-4 unit rental property.
If you charge each tenant $1,500 per month for rent, then living in a fourplex will provide you $4,500 per month in rental income ($1,500 per month times the 3 units you rent out).
Properties with more than 4 units are considered commercial properties and do not qualify for a conventional or a government-backed loan such as FHA or VA.
How to Finance a 2-4 Unit Property
The first step is to identify the proper financing for your multi-unit property. FHA and VA loans are government-backed loans and only allowed on owner-occupants loans. These loans are available for 2, 3, or 4-unit properties. As long as you live in one of the units, the property is eligible for one of these loans.
Multi-Unit Property Mortgage Loan Down Payment requirements.
FHA loans only require a 3.5% down payment on 2-4 unit properties.
If you are eligible for a VA home loan, you may qualify for a zero-down loan of up to $1 million in some areas.
Conventional Mortgage loan multi-plex down payment requirements.
- 2-unit: 15% down payment required
- 3-unit: 25% down payment required
- 4-unit: 25% down payment required
Comparing Current Florida Mortgage Rates
Finding the lowest Florida mortgage rate is very important, that’s why we’ve already searched them for you, getting the lowest interest rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best interest rate is a big deal.
Current Florida Mortgage Rates
When you “CLICK HERE” you’ll instantly see today’s lowest mortgage rates. If you see an interest rate you like, you can click to head straight to get your Custom Rate Quote.
Comparing Current Florida Multi-Family Property Loan Rates
Finding the lowest Florida mortgage rate is very important, that’s why we’ve already searched them for you, getting the lowest interest rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best interest rate is a big deal.
Current Florida Mortgage Rates
When you “CLICK HERE” you’ll instantly see today’s lowest mortgage rates. If you see an interest rate you like, you can click to head straight to get your Custom Rate Quote.
Expert advice at your fingertips
Our home loan experts are available 7 days a week to answer all your home loan questions. We don’t keep banker’s hours…. we understand that you have busy schedules, that’s why we’re available nights and weekends.
Eddie Hoskins Founder & CEO
Providing our customers with the lowest rates, personalized service, and loan options that you don’t get from big box lenders or banks. That’s he built E Zip Mortgage.
Why should you choose us for your home loan?
We work for you & not the bank, we offer wholesale mortgage rates which are lower than retail rates not to mention, we offer a wide variety of loan options so you’re not stuck with one set of restrictive underwriting guidelines.
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“We Think Outside The Box”
Our “Outside The Box Thinking” gets home loans approved and closed every day! From Bank Statement as Income loans to 50% debt to income ratio approvals, we do them all.
We’ve streamlined the mortgage process, close in 30 days or less.
From application to closing, all from the palm of your hand.
