Does a owner-occupied duplex qualify for a personal home mortgage?

[SwordGuy]

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?

[Papa bear]

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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[bacchi]

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.

[SwordGuy]

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.

[August26th]

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.