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want to purchase duplex

What is the required down payment if I want to buy a duplex if I am a first time home buyer and don't want to occupy it? I am interested in a property in Madison wi. by b.duff_283_906 from Hartford, Wisconsin. Jul 20th 2012 Reply


Steven Brand (StevenBrand)
#4 ranked lender in Minnesota - 92 contributions

USDA-RD and VA are "no money down" loan programs... but a property in Madison isn't going to be eligible for the USDA loan and if you're not eligible for a VA (Dept of Veterans Affairs) loan then you'd need to look at the FHA loan that Andrea mentions here. The GREAT thing about using FHA for a duplex purchase is that you can use the "rental income" on the 2nd unit as "qualifying income" to purchase the house. Its all about the details... drop me a line for more details: Steve@YourFavoriteMortgageGuy.com #261849

Jul 20th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,867 contributions

If you don't intend to occupy the property, you will need a minimum of 20% and preferrably 25% down. .... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 20th 2012
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,477 contributions

If you are NOT going to occupy the property, standard conventional financial requires 20% down. You might some non-traditional options with just 10% down. www.wi-mortgagebroker.com

Jul 20th 2012
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Peter Botros (PeterBotros)
#72 ranked lender in New York - 895 contributions

If you do not plan to live in the property it will be considered an investment and thus you may have to put between 20-25% down. And credit score requirements may be higher.

Jul 20th 2012
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Andrea Knorr (Andrea)
#4 ranked lender in Wisconsin - 9 contributions

It depends on your loan program that you go with. As long as you occupy it, you can choose an FHA loan for 3.5% down or conventional at 3-5% down. Please call if you have any questions! I would be happy to answer them for you!Sincerely,Andrea DrabMortgage Headquarters920-491-0100NMLS #265686

Jul 20th 2012
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