I know of a pretty good loan company that allows you to do 10% down on a property without PMI. You will definitely have to live in the property for a year at least and have pretty good credit though. You're also welcome to PM me if you wish. I'd greatly appreciate it if you use my referral link. https://sofi.com/share/720167
Originally posted by @Raymond Lawton :
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!
Home Possible will do 95% LTV on a duplex. The standard occupancy promise, however, is just one year, not "life of the loan."
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