Rental Property Investor · Canton, OH · Member since 2020 · 58 posts · 22 votes
Hello, my wife and I sold our live in flip for a great profit and have cash for a conventional down payment on a SFH rental.
We are currently living in my friends duplex.
We also hope to buy an owner occupied small multi family for us to move into this year, in addition to buying a single family home rental before a duplex...
Question is, If we get a rental house (conventional 20% down-could we do less?)
Could we also buy an owner occupied duplex for low or no money down this year also?
We don’t want hard or private money, prefer more traditional mortgages like fha, conventional or usda.
@Jacob Bohrer sounds like you would be able to do FHA for 3.5% down for any homes you plan to live in. It's 3.5% down for 1-4 units. You could also do owner occupied conventional for 5% down on a single. If you buy an owner occupied duplex conventional it's 15% down. If you buy a 3-4 unit conventional it's 25% down (both owner occupied and non owner occupied.
If you buy a single family home non owner occupied conventional it’s 15% down. Anything conventional 2-4 units that you do not intend to live in will be 25% down.
@Jacob Bohrer sounds like you would be able to do FHA for 3.5% down for any homes you plan to live in. It's 3.5% down for 1-4 units. You could also do owner occupied conventional for 5% down on a single. If you buy an owner occupied duplex conventional it's 15% down. If you buy a 3-4 unit conventional it's 25% down (both owner occupied and non owner occupied.
If you buy a single family home non owner occupied conventional it’s 15% down. Anything conventional 2-4 units that you do not intend to live in will be 25% down.