Duplex Financing Options

[Paige Ferguson]

Question of the day! 

Picture this - 

You’re working to get as little down as possible on a duplex. 
House hack one side (owner occupy), rent the other. 
FHA is a possibility.
You want conventional financing.
You could possibly purchase under LLC and go commercial.

What do you go for? FHA? IHM? Commercial? Consumer?

Thanks in Advance! 

[Brad Hammond]

Hi @Paige Ferguson, I love to see you are from the western slope, I lived in Junction for a few years. If you use a conventional loan, you will need to put 15% down for a duplex. That should answer most of your questions. You will want to do FHA with a 3.5% down to owner occupy. You will need to put it in your own name for that type of loan. Also know that you will be paying PMI for the life of the loan with an FHA loan so you will want to refinance after a handful of years to remove or reduce your monthly PMI.