Multifamily conventional loan

[Juan Alvarez]

I am able to qualify for a HomePossible loan. I’m interested in finacing a duplex since one of the agreements of the loan is that I have to live in one unit. My question is if there is anyway around that. I currently live at home with my family and only paying roughly $200 a month to live there (water bill & food here and there) . Which is a better option for me. Am I able to rent out my supposed unit out to a family member with out the loan office finding out. For a person that is in my shoes it seems like the conventional loan is the only way to go due to the low down payment. I also read that most conventional loans will not finance a home that is in need of repairs, which is also puts me in another hole. Any help or advice would help. Thank you!

[Jaysen Medhurst]

@Juan Alvarez, what you're suggesting is mortgage fraud and you're doing it on a public forum. So, no that is not a good idea.

You can roll renovation costs into a FHA 203 loan, which requires a low down payment.