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Updated over 4 years ago on . Most recent reply
Conventional loan for duplex
Is it possible to get a conventional loan for a duplex? I am looking into buying one, but the lender is wanting 20% down because it is viewed as an investment property. I thought I heard you can get a conventional loan for a duplex?
Most Popular Reply
Originally posted by @Kevin Akers:
Is it possible to get a conventional loan for a duplex? I am looking into buying one, but the lender is wanting 20% down because it is viewed as an investment property. I thought I heard you can get a conventional loan for a duplex?
There might be some confusion about what is a conventional loan. You might be confusing it with government backed loans (FHA, VA, USDA).
Conventional loan = Fannie/Freddie loans. For that as an owner occupied purchase the lender is generally right. Min down is 15%. Under some very specific conditions you can get a conventional loan with just 5% down.
If your transaction doesn't qualify for a 5% down conventional loan, then you would want to look into FHA 3.5% down.