first time home buyer

[Raun Parker]

im looking to purchase a duplex with a store front, as first time home buyer I will have to put 3% down.  my question is should I take out a loan for the down payment or should I wait and save the necessary amount? 

[Jon Holdman]

For the most part you cannot take out a loan for the down payment. You're talking FHA or a similar program and those programs want the down payment to be your own money. You will have to sign a form stating the down payment is not borrowed.

You also talking about a mixed use property here.  I doubt those will be eligible for these low down programs. Mixed use (residential plus the store front) is tough to finance period.  Those low down programs are for residential properties (1-4 units) only.