Owner Occupied Multi-Family

[Min Liang]

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?

[Kristin Moore]

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!