Creative ways to finance a house hack in Columbia, SC

[Paul Lowder]

Hello BP!  I'm looking for a duplex in the Columbia, SC area and I'm struggling with figuring out the financing.  This would be my first deal, and a primary residence loan with potential for renovation included.  My biggest concern is with affording the down payment combined with any closing costs or fees that come along the way.

I've been speaking to a few different loan officers, and the consensus seems to be that conventional loan programs for a duplex property type require at least 15% down. I know there is FHA available, but I'm not confident I could secure a deal that's in my price range with FHA financing in the current market. Too many places still going quick with cash or cash-like offers in the Cola area(as I'm sure in many places still).

Anyways, I was curious if anyone is aware of or has used any low DP options for duplex property type homes in South Carolina.  Any and all advice/comments are appreciated!

[Joshua Noth]

@Paul Lowder Great set up so far, and you're right, that 15% down for a duplex is pretty standard for a conventional loan. Just to clarify - what is the dilemma you face? Is the 15% down a bit more than you were hoping for? Or are you debating whether to push for the FHA but run into the challenges that loan type may impose?

If you don't think FHA will work and you are capable of doing 15% down, I think you may have your answer. FHA in completive markets can still work, just maybe not as often. If the 15% down is the hard part, you could look to bring on a partner to help cover the down payment and work out a deal to invest with/repay them.

Wishing you the best of luck, hope the deal lands for you soon!