Getting Loan for first multifamily property to house hack
What is the typical down payment requirement for a duplex that I would be living in? I have called multiple banks and there have been no offers to use an FHA loan on a multi unit property. And the minimum downpayment has been 15%, is that typical or is there a chance I could find a bank that could offer me a lower down payment requirement?
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@Tristan Romero you can utilize FHA with 3.5% down. 15% down is conventional, but as a direct lender we also have 5% down conventional for HomePossible if you want to go conventional for a duplex. I would be glad to hop on a call and walk through details if that would be helpful?