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What is the minimum downpayment for me for a MF (3+ units), duplex, and second home (duplex)?

I currently have a owner-occupied fourplex using a FHA loan.  I am looking to purchase some additional property, both in my area which would become owner-occupied (I will have lived in my fourplex for over a year) and outside of my area as a vacation/second home.

What would my minimum downpayment be for the following scenarios:

IN MY AREA:

1. MF (3+ units)
2. Duplex
3. Single Family

SECOND HOME:

1. MF (3+ units)
2. Duplex
3. Single Family

The one that is particularly hard to find information on is whether a duplex is viewed as a single family or as a MF when coming up with the downpayment (looked at as an investor loan or not).

Thanks for your help.  
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April 13 2011 - Victoria Park
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Answers (1)

Robertuva,

  You can not obtain more than one FHA loan at a time, unless you can justify a "need" to move.  

  In your scenario, Duplex's and 3-4 Units will likely require 20% down, unless you are in a state that has access to PMI on Multi-Family. Single Family Primary Residences are financeable up to 95% Loan-To-Value, unless you are in a state or area that is considered as "declining", in which case it will be lower. Again, you will need to make a case for the "need" to move, however it will be easier if you have rental income currently being reported on your 1040 tax returns.

  Second homes will also require a larger down payment.

  Bottom line to your ending question in your post - Single Family homes are the only type that are considered Single Family homes, even if you are going to occupy one of the units of a 2-4 plex property.

Hope this helps.

Jonathan

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April 27 2011
 
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