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.
Thanks in advance!
@Jacob Bohrer we are hoping to get the most bang for our buck and leverage down payments as much as possible.
@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.
Hope this was helpful!
@Elise Marquette Thank you! Very helpful!
So if I buy a conventional non occupied property this year, I could still do 15% conventional or FHA 3.5 on a duplex this same year as well?
@Jacob Bohrer of course, as long as the numbers work.
How much down for conventional on a rental non- occupied single family?
@Jacob Bohrer 15% down
@Elise Marquette Thank you! You’ve been so helpful!
@Jacob Bohrer you’re welcome! Let me know if you have any other financing questions 😊
Hi! You can't do FHA on non owner occupied. It's only for owner occupied.