Conventional Loan Requirements for 2-Family Homes
Hi BP Community,
I am currently in the market to purchase a 2-family home in Hudson County NJ. I have been working with loan officers that have been telling me that I can get a conventional loan with a 5% down payment for a single family home. However, the minimum down payment for a 2-family home is 15%. I was wondering if anyone can shed some light onto why this is the case.
Thanks,
Ramon
Most Popular Reply
Hi. Without knowing all the details, I’ll assume you’re structuring it as an owner occupied property (5% down). That being said, the same low down payment should apply for 1-4 units. Again, if I’m missing any details - that may be different. Good luck.