Updated over 7 years ago on . Most recent reply
Two Family Financing Options
I have recently had an offer accepted and was planning on using a home possible or home ready conventional loan with 5% down to finance a two family property. I learned that with this type of loan I will have to live in the property for the life of the loan or will have to refinance if I plan on moving out and keeping it as an investment property. Unfortunately FHA is not an option because of the exterior having peeling paint and a conventional loan is a more attractive option for the seller.
I realize that an FHA 203k loan might be an option for me, but I am interested in finding out if there are any other 5,10, or 15% down options besides this that will allow me to move out in 1-2 years without having to refinance to keep the property. Any advise would be really appreciated!