Updated about 7 years ago on . Most recent reply
Owner Occupied Multi-Family
Hello all!
i bought a quad-plex bak in sept of 2018 as an investiment property in fort myers FL and now i want to buy a duplex... but to come up wit the downpayment of 25% + closing is lil too much for me to do. can i apply for the mortgage as OWNER OCCUPIED so i can put down less downpayment? if not, is there any way to go around it?
Most Popular Reply
Hey Min! Congratulations on the quad plex! How is that going for you? I'm also an investor in Ft. Myers. Yes, if you buy a duplex as your primary residence and you live on one of the sides then you can get a mortgage with a very low down payment such as FHA for 3% or even a conventional at 5%. I have a great mortgage broker if you want their name. Then if you live in it for 2 years you won't have to pay any capital gains tax. Great strategy!