I want to buy a duplex.

[Albric Rosa]

I am moving to South Florida in 3 months. One of the ideas i have right now is to house hack a duplex( Looking for 250-300k range) However I do not have a enough money to put a down payment, because of moving expenses and just wouldn't have enough money to sustain myself if I did put a down payment. Would it be wise to get a loan for the down payment and let my other tenant pay off my mortgage while I pay off the loan?

[Duriel Taylor]

@Albric Rosa I would not advise you get a loan to get a mortgage which is another loan. Most lenders will not allow you to get a loan for the down payment because they prefer your debt to be minimal before their debt hits your credit. In addition, depending on the type of asset you purchase they may require you to have reserves for several months. If you have any friends and or relatives who could borrow funds that could be considered a “gift” and you and that said person(s) can setup a repayment structure. I have helped clients in the past with lenders who gave credits of 10k towards closing. In addition, the sellers have credits towards closing as well.