Tag: duplex

Primary Residence Purchase of a Multi-Unit with a Non-Occupant Co-Borrower

Question: I have a client purchasing a duplex with his father. The son will use 1 unit as his primary residence and father will be a non-occupant. Can this be done with only putting 3.5% down payment? Answer: Unfortunately, not with FHA. The LTV would be limited to 75%. See the guideline below. Reference: 4000.1 […]

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Exceptions to Down Payment for First Time Buyers Purchasing a 2-4 Unit

Question: Is there an exception to the down payment requirement of 15% for a first-time homebuyer purchasing a 2-4 Unit? Answer: Unfortunately, there are no exceptions for this. Whether you use the standard Fannie Mae or Freddie Mac product, or their Home Possible or HomeReady products, the LTV for a 2-unit O/O property is a […]

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