Can I buy a duplex with no money down?
When you apply for an FHA loan, it is not written that the property you wish to own should be a single family unit only. Multi family homes such as a duplex investment property will also qualify for this type of loan. As you can see, there is a way of how to buy a duplex with no money down!
How can I get a rental with no money down?
It is possible to buy property with no money down.
- Roll the down payment into the purchase price.
- Negotiate a separate installment plan for the down payment.
- Trade something other than cash.
- Trade houses with the seller.
- Get the seller to transfer their mortgage to you.
- Apply for a loan assistance program.
How much do I have to put down on a duplex?
“Investors must use conventional financing with a minimum down payment for a duplex of 20 percent. For a property with more units, they need a down payment of at least 25 (percent) to 30 percent.”
Can you buy a duplex with 5% down?
FHA mortgages and duplex financing
That said, you can use the FHA program with 3.5 percent down to buy property with one-to-four units, so a duplex is okay as long as you occupy one of the two units. Only 5.5 percent of all FHA-backed loans have credit scores between 580 and 619.
Are duplexes hard to sell?
Traditionally duplexes on one title are harder to sell. This is because you can only market the property to either owner occupier investors or owner occupiers who require a second dwelling for extended family.
How do I qualify for a duplex loan?
Either way, the additional requirements for an FHA loan on a duplex are the same as if you were using this loan program for a traditional single-family home. A minimum credit score of 500 is required if you have at least 10% to put down on the property, but a credit score of 580 is required to put 3.5% down.