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Looking to purchase rental property and will live in one unit. How much down payment is needed?

by gabrielle323 from San Francisco, California. Dec 8th 2016 Reply

Richard Kelly (Richard Kelly)
#137 ranked lender in California - 10 contributions

The devil is in the details but with an FHA loan you can put down as little as 3.5%. A lot depends on the purchase price, credit score, etc.

Dec 8th 2016

Hi Gabrielle,It looks like you want to purchase a duplex and rent one unit and live in the other? With a FHA loan, you can put down as little as 3.5% of the sale price but FHA has loan limits...if not qualified for FHA loan then most likely 20% down but I also have programs that accept 10% down. This all depends on credit, income, loan size, purchase price, etc. If you would like a free quote for your situation, you can call me at 323-600-3735 or email at Look forward to speak to you.

Dec 9th 2016
Larry Gray (lgray_312_247)
#592 ranked lender in California - 1,139 contributions

It looks like people have got it right on the lowest down payment way to qualify (3.5%)...with an FHA loan. If in San Francisco you will likely need the limit allowable to a 4 unit, 3 unit or two unit property. We do a lot of FHA home purchase loans in spite of many banks starting to shy away from them. For us we have it down to a science to assure your loan gets done within required timelines...just as quickly as good lenders do conventional loans. At least FHA rates are considerably lower than conventional right now! But we do conventional multi unit loans with 20% down. My office is in San Ramon and I reside in Marin County so likely familiar with where you desire to buy in. Please contact me via my Profile with any other questions! I have several reviews in grading me on Zillow.

Dec 12th 2016
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