anyone experience this?

7 Replies

I'm trying to purchase a duplex with FHA financing. After getting approved the loan officer said I could purchase a duplex with FHA financing. However the duplex I want is two parcels so now the LO says I need two different loans, FHA for the owner occupied side and Conventional for the tenant occupied side. On top of that if I find a duplex with one parcel I would have to do a 20% down conventional loan. None of this sounds right or makes sense. Is this something new or has anyone else experienced this?

Find a different property.  What you are looking at is Not a duplex it's two "half of a duplex's", two separate properties, hince the issue.  Find a normal duplex/triplex/4 plex, and you can do the 3.5% down if you want, owner occupied of course.

Hey @Qulia Bryant ,

@Wayne Brooks is absolutely right. What you have sounds like a make-shift duplex. I wouldn't waste to much time with it.

I would look for real 2-4 unit properties. This way you will be able to put 3.5% down for FHA so long as you plan on occupying a unit. I'm a realtor in the Philadelphia area and we often come across buildings that are shown as multi-family but public record will show that it was never zoned as such. I only recommend you put 20% down on a 8+ unit property and not a duplex.

Let me know if you have any questions. I'll do my best to get you answers. Best of luck, Cheers!

Thanks guys for the advice. You have restored my hope

Thanks guys for the advice. You have restored my hope

Can the seller join the parcels?

Originally posted by @Matt Shields:

Can the seller join the parcels?

 I'm not sure. I didn't know this was possible, I'll check into this and let you know. Thanks

Hey Qulia, we have 8 townhomes which are really 4 duplexes under contract and each side, all eight, are individual also. Both sides owned by the same folks, but 2 different props as far as legalities. I guess we could sell them to individual folks but that would be a mess when it comes to roofs and siding and all. If you don't have the 20% to go down then I guess the best thing is to find duplexes that work as 1. Do you do to either of the REIA's?

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