All Forum Posts by: Erica Hutchinson

@Percy N. it'll be a residential loan for a duplex. I was counting on the FHA loan, paired with down payment assistance to fund this property so I could take advantage of being a 1st time home buyer.

@E. C. "Stony" Stonebraker thank you! I agree creativity is key. Lack of income is my biggest obstacle, so I have to get creative in order to finance. Down payment assistance is a huge part of my plan, but now I've been thrown this lovely curveball, lol. I've spoken to two local realtors and one of them said no, while the other said yes. I was hoping the bigger pockets community could unanimously break the tie. But it looks like speaking with a couple lenders might very well be the best option @Wale Lawal. Thanks again everyone!

Will do, thank you! And same here, all I found was "primary residence" and "1st time home buyer" requirements. I'm hoping someone can clear this one up for me.

Can I utilize down payment assistance to purchase a multifamily home in Houston, TX? The property is a first home buy, and will be  owner occupied. I spoke with a local realtor, and she told me that down payment assistance can only be used for single family homes. I've never come across this requirement when conducting my own research. Is she accurate?

Yes the property will be owner occupied for at least 2 years. If by some miracle I could get approved for a high FHA loan amount, a 3.5% down payment sounds good to me. I read that if I put 10% down, I would only have to pay MIP for 11years. Is that accurate?

Thank guys, I'm really seeing the picture! Hypothetically, if I aimed to get the max FHA loan amount for a duplex, 450k, would I be able to get approved for that amount by only contributing the minimum 3.5% down payment? Or is there an even higher minimum down payment percentage for the maximum loan amount?

Thank you so much, I'll be sure to keep that in mind! I'm still in the research phase, so all of this is beyond helpful!

Thank you, I'll be sure to do some more googling. Would you happen to know the FHA limit too? When I searched it said 450k for a duplex, is that accurate?

Hey there! Does anyone know the minimum and maximum amounts that an FHA and Conventional loan would approve for the purchase of an owner occupied duplex home in Harris County in Houston, Texas?

Thank you so much for the advice, greatly appreciated! I'll just have to go for it!