Under FHA 203B, what kind of property can a buyer purchase?

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Study for the Washington Real Estate Fundamentals Rockwell Exam. Utilize flashcards, multiple choice questions with hints and explanations. Prepare thoroughly for your real estate career!

Multiple Choice

Under FHA 203B, what kind of property can a buyer purchase?

Explanation:
FHA 203(b) is for buying a primary residence and covers properties with up to four units. The borrower must occupy one of the units if there are two to four units. So a four-unit dwelling qualifies as long as the buyer will live in one unit. This excludes a twelve-unit building and any commercial property, and it isn’t limited to single-family homes—it simply includes them as well.

FHA 203(b) is for buying a primary residence and covers properties with up to four units. The borrower must occupy one of the units if there are two to four units. So a four-unit dwelling qualifies as long as the buyer will live in one unit. This excludes a twelve-unit building and any commercial property, and it isn’t limited to single-family homes—it simply includes them as well.

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