2 single family houses on 1 parcel

[Michael Dahl]

I am a house hacker and looking at buying a property in the Twin Cities area of Minnesota. The property has two single family houses (2bed/1bath, 1bed/1bath) on the same lot and they are selling as a packaged deal. The tax Land Use Code states "Two Residences on One Parcel". Could I use a standard conventional loan of 5% down and treat it like a regular single family home purchase? Or would I have to use the conventional owner occupied loan of 15% down? I have used the 3.5% FHA loan already and its still on my first duplex. Thanks for the help!

[Bruce Runn]

 I bought a deal that was similar.  It had 2 duplexes on a single parcel.  I had to get a commercial loan because of the two buildings and it was appraised as a 4 unit property.  So 25% down.  Got a great deal because the realtor didn't understand what she had so she listed it $100,000 under assessed value as she thought only an all cash offer was possible.  I love to buy deals where the real estate agents don't know what they are doing.  I've subsequently split the lots and refinanced to a low interest 30 year loan.