Approved for down payment assistance on duplex

[Sherelle Montague]

Hey everyone, basically no one I know invests in properties. I come here to seek experiences and insight from people who do.

I’ll a first time home buyer. I’ve been approved to purchase a duplex and they will also pay 3.5 dp (fha) and also contribute to closing costs. All for the price of a 7.75 interest rate. The assistance allows me to keep the  majority of the 17k I’ve saved in my pocket so I have a buffer for unexpected expenses.  

With home prices and assistance I feel this is a now or never thing (if I chose instead to buy a regular home), but this is also my first rodeo. 

Please share some experiences of owning a duplex the good and the bad.

[Adrian Castillo]

@Sherelle Montague That’s a smart move—especially locking in a property with both units under one loan and using the assistance to keep cash reserves for repairs and surprises. Duplex ownership can be a great way to offset your mortgage and build equity faster.

The good: you’ll gain firsthand experience as both a homeowner and landlord. If one side covers most or all of the payment, you’re essentially “house hacking” and living nearly rent-free. Long term, you’ll also benefit from appreciation and potential tax advantages.

The challenges: maintenance, tenant management, and unexpected vacancies. Having a solid lease, screening process, and clear boundaries helps a lot.

It sounds like you’re thinking ahead with your savings buffer — that’s key. You’re already approaching it with the right mindset.