4. It sounds like an SFR. You can actually do it as an investment property at 15% down. The rate will be at the upper end of what traditional financing is even offered at, and it'll have PMI. But it'll allow you to preserve liquidity, if you don't want to wipe out your personal savings.
Originally posted by @Mike Rosso :
@ Chris Mason it is actually a duplex sorry should have clarified that. I contacted my local bank who carries my mortgage and they said for an investment property I would need 25% down?
Ah, yup, Fannie and Freddie both require 25% down for non-owner occupied 2-4 unit properties.
Can you live in the second unit? If yes, do it through FHA (make sure it's a legal 2 unit)
Hi @ Stepanie Potter
No both units are already rented under the previous landlord.