The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: SwordGuy on January 19, 2021, 02:09:17 PM
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I have a friend who has an opportunity to buy the duplex she's renting. (Lives in 1/2, purchasing entire duplex.)
Can she expect to get a mortgage for a personal residence (5% down payment) or will she have to come up with 20-25% down?
Anyone know of lenders who will treat it as a personal residence loan?
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I have a friend who has an opportunity to buy the duplex she's renting. (Lives in 1/2, purchasing entire duplex.)
Can she expect to get a mortgage for a personal residence (5% down payment) or will she have to come up with 20-25% down?
Anyone know of lenders who will treat it as a personal residence loan?
I bought one FHA for 3.5% down 11 years ago. It was a local back that did the loan.
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I have a residential mortgage on an owner occupied duplex. It also has a personal insurance policy with a rider for the other unit.
Like Papa, also local.
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Thanks everyone!
I'm hoping my friend can make this work.
I talked it over with her and if she made it thru the first 4 years it would transform her finances for the better. Especially if she got a roommate on her side of the duplex for 2-4 years to help her build up repair reserves.
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A 2-unit owner occupied home with Fannie Mae/Freddie Mac will require a 15% down payment. No way around that.
FHA would require a 3.5% down payment.