Financing my first duplex

[Mack Bailey]

I have been approved for a 100,000 dollar fha loan. My plan is to buy and househack a duplex. In my area I would need a minimum of 200,000 dollars for such a property. What are some other approaches for finding financing for this deal?

I am currently watching craigslist for a possible owner financed deal. Any tips?

[Andrew Postell]

@Mack Bailey if you are occupying the property you won't be able to get a Hard Money loan on the property.  There are compliance laws against loans like Hard Money loans on homes you occupy.  Now, there was something that raised a red flag to me in your first post....if you buy a Duplex...then 1/2 of the duplex is rented....so if the lender is using that rental income to qualify you...and you can only afford $100,000....then that means you can't afford any home without rental income??  That doesn't make sense to me.  I think the likely part here is that the lender is NOT using rental income to qualify you for this loan.  Now, I don't know this for sure....so the question to ask them is "what can I qualify for if I just purchased a $100,000 single family home?".  And if they answer $100,000...then that means they aren't using the rental income from the Duplex to qualify you and you should IMMEDIATELY seek another lender.  Again, I'm guessing at all of this...but I have a feeling that something like that is occurring.  Keep me posted and certainly willing to help in any way that I can.  Thanks!