Buying second Property After Duplex

[Felicia Richardson]

Hello! I need some lender insight. I bought a Duplex in August 2022. I reside on one side and I Airbnb the other. I'm outgrowing my side and I want to buy a Single Family Home.

Would I have to get a secondary home loan therefore having to put down 10-20%? Can I qualify as a First Time Home Buyer and utilize FHA or similar programs?

Thanks in advance!

[Felicia Richardson]

Quote from @Derek Brickley:

Hey Felicia,

If you have a genuine reason (increase in family size, relocation, etc.) for a new primary, then an FHA loan could actually be an option. Depends on your exact situation, so either 3.5% or 5% down would be the minimum on a new primary residence. You wouldn't be able to use any first time home buyer grants/programs though.

Derek, thank you!
I'm definitely doing my research.