Getting partial commission on first-time home buying/Duplex

2 Replies

Hello everyone. I'm new to this. I have two main questions. The first is that I recently got my real estate license, but  haven't hung it with anyone. I am looking to purchase a place in North Miami. Although I have zero experience in real estate I was hoping to get partial commission. I know I have to have my licensed hung with a realtor first. What is the best way to get my licensed hung so that I can get the partial commission from my first-time home purchase?

Second question is that I have my heart set on buying a multi-family unit, specifically a duplex. One loan officer said that I can use the first time home buyer discount and only put down 3%. The other loan officer said a duplex does not qualify for the first time home buying discount and I would have to put down 15%, which is it? Thanks for you expert advice.

Manuela

@Manuela P. I have all the information that you'll need. You can buy a 1-4 unit going conventional with 5% down. You can also buy a 1-4 unit with 3.5% down going FHA. Depending on where your credit score and DTI is, will tell you which loan best suits your needs. I know of a few real estate companies that you can hang your license with in Miami that will help you do this.

Originally posted by @Raymond J. Rodrigues :

@Manuela P. I have all the information that you'll need. You can buy a 1-4 unit going conventional with 5% down. You can also buy a 1-4 unit with 3.5% down going FHA. Depending on where your credit score and DTI is, will tell you which loan best suits your needs. I know of a few real estate companies that you can hang your license with in Miami that will help you do this.

 Thank you for replying. 

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