Can you finance each unit of a duplex separately?
If you're planning to by a duplex as a house hack, can you purchase each unit separately?
Financing one unit as an owner occupied property (low money down like 5% conventional) and the other as investment property (20% down conventional)?
Why I'm asking:
So, as a hypothetical, if I bought a duplex for 500K, but I'm only approved for up to 400K on a loan, I'd have to cover the additional 100K in cash.
But, if I bought 1 side for 250K as an owner occupant, I could put $12.5K down on that side, and
50K down on the non-owner occupied unit.
So $62.5K down total, vs. $100K+ for the same property.
Is it possible to finance a property in this manner?
If so, does each unit have to have its own address?
I see some duplexes with one address, and others with two. Still learning the small multi-family game and would appreciate the info!
Thanks in advance,
Taylor