Florida Multi-Family Property Loan, Duplex, Triplex or Fourplex’s

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.