I’m looking to purchase a duplex in Northwest Arkansas with my father. The plan is for us to purchase it together, I would live in one side and rent out the other side.

We're both planning to be on the loan/title in our personal names — not through an LLC.

Here’s where I could use some advice:

• Our lender is with Arvest Bank and has asked us to complete what appears to be a commercial credit application.

• The loan officer told me that she is primarily using my income to qualify and is not relying on my credit.

• My father has equity that he plans to use toward the down payment.

• We are purchasing the property specifically as a duplex/house hack, with one unit being owner-occupied.

• Since this is our first investment property, I’m trying to make sure we are using the right type of financing and not accidentally being put into a commercial loan when we may qualify for residential financing.

Has anyone here purchased a duplex with a parent or family member as co-borrowers and gone through something similar?

I’d especially love to hear from anyone who has:

1. Used Arvest or another local/regional bank for a duplex house hack.

2. Had the bank require a commercial credit application for a 2-unit property.

3. Used a family member’s equity for the down payment.

4. Had one borrower’s income primarily used for qualification while the other borrower contributed assets/equity.

5. Had both borrowers on the loan and title while one borrower occupied one of the units.

I’m not necessarily looking for someone to tell me whether the deal is good or bad. I’d really like to hear from someone who has actually gone through this process and can explain what their lender did, what type of loan they ended up with, and anything they wish they had known beforehand.

Appreciate any advice or experiences you guys can share!