All Forum Posts by: Jack Shepherd

@Chris M. Nope. I'm using a straightforward FHA owner occupied duplex. Paying everything with a regular checking account.

This is the message my lender sent me:

"You are correct, the property will be owner occupied. However, FHA allows you to make the 3.5% DP, only if the other unit will be occupied by immediate family member. If not, like in your case, the FHA still allows you to take advantage of the loan back by FHA but subject to a 15% DP and not the traditional 3.5%

Fannie Mae – allows you to do 15% vs/ the 25% it would have been if you were not occupying the property."

Thanks for this guys! I couldn't find anywhere on the FHA website that a 15% down payment would be required. This one obviously be an owner-occupied property and if I'm not mistaken, FHA doesn't give loans on a non-owner occupied residence anyways.

I'm trying to get pre approved for my first loan and I'm told that if I want to buy a duplex, it will be automatically be considered an investment property and that both a conventional or an FHA (the bigger surprise) would require a 15% down payment. Is this correct? I thought jt was 3.5% for FHA until it's more than 4 units.