Minneapolis, MN: Dream of buying a multi-family home, like a duplex, living on one side, and renting out the other?It's a pretty common thought, and something I personally did in my early years. It was great. The rented side paid about 95% of my monthly mortgage payment. Meaning I was building equity, and essentially living free. How cool is that?Until recently, the only small down payment option to buy a multi-family home, and live in one unit was an FHA loan loan, which required only a small 3.5% down payment.While there is absolutely nothing wrong with an FHA home loan, there are some positives and negatives about this option. One negative being primarily that an FHA loan does have a more stringent requirement for the condition of the home. For example, if the home is older than 19...
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