Zillow Advice: Mortgage Types - Can I buy a second two family owner occupied home for less than 20% down? http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ Zillow Advice | Zillow Real Estate User794302.&nbsp; The exception ... http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ User794302.&nbsp; The exception to the 2 FHA loan rule is really up to each lender s discretion.&nbsp; I would think that you would have a better argument if you focus on single family homes.&nbsp; Plus that was should the FHA loan fall through you will be able to get in for 5% down. Mon, 12 Mar 2012 19:35:00 GMT http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ 2012-03-12T19:35:00Z Hi Robert,Just to clarify ... http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ Hi Robert,<br/><br/>Just to clarify what i mean by owner occupied - i was trying to say that we would like to move purchase a bigger 2 family so we could live in it - we have outgrown the 2 family we purchased.<br/><br/>Thanks for the info.<br/>D Mon, 12 Mar 2012 18:42:00 GMT http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ 2012-03-12T18:42:00Z Also, not sure what you mean ... http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ Also, not sure what you mean by you want to buy a "second owner occupied home", but you can only have one owner occupied home. Mon, 12 Mar 2012 17:09:00 GMT http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ 2012-03-12T17:09:00Z Yes, there are exceptions ... http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ <p>Yes, there are exceptions for relocation, increase in family size, vacating a jointly owned property, or non-occupying co-borrowers.&nbsp;&nbsp;<br/><br/>To qualify with an increase in family size, you would have to pay the balance on the present property to a 75% or less LTV ratio.&nbsp; They do this to prevent investors from using FHA as a vehicle for obtaining investment properties.&nbsp;</p> Mon, 12 Mar 2012 16:55:00 GMT http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ 2012-03-12T16:55:00Z Thanks for the info..I believe ... http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ Thanks for the info..<br/><br/>I believe you can get another FHA loan if there is reasonable circumstances that you can't live in our current dwelling which there is as we have expanded our family but there maybe other parameters that I am not aware of.<br/><br/><br/>D Mon, 12 Mar 2012 16:09:00 GMT http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ 2012-03-12T16:09:00Z Conventional financing requires ... http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ <p>Conventional financing requires 20% on a two unit dwelling.&nbsp; You would not qualify for another FHA loan since you already have one.</p> Mon, 12 Mar 2012 15:55:00 GMT http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ 2012-03-12T15:55:00Z Hi Ed,Thanks for taking the ... http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ Hi Ed,<br/><br/>Thanks for taking the time to reply.<br/>I've asked a couple of brokers and&nbsp;gone directly to the bank that we have the mortgage with&nbsp;and both said you need 20% - 25% down for a second owner occupied home.<br/><br/>This is our second year in our home.<br/>Would you perhaps have some other direction I could check out?<br/><br/>Thanks again!<br/>D Mon, 12 Mar 2012 12:49:00 GMT http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ 2012-03-12T12:49:00Z Hi D,It is my understanding ... http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ Hi D,<br/><br/>It is my understanding that you can do this, assuming you have lived for over a year in your current two family home. You should confirm with a good lender, but if your intention is to occupy the second two family, I think this can be done. Mon, 12 Mar 2012 00:35:00 GMT http://www.zillow.com/advice-thread/Can-I-buy-a-second-two-family-owner-occupied-home-for-less-than-20-down/434782/ 2012-03-12T00:35:00Z