U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 07-26-2008, 02:01 PM
Location: Oakland, CA
1 posts, read 2,263 times
Reputation: 10



I am considering buy a 750K duplex in Oakland, CA. The duplex will be my primary residence and I am a first time home buyer. The other unit of the duplex already has a tenant and will remain till her lease runs out. I will be putting in 20% (150K) as the down payment if I proceed. I do not need the income from the rental unit to qualify for the loan.

I recently talked to my loan broker and he said that the duplex will not qualify for an "Agency Jumbo" since it is not "single family". As such my rate would be higher than the a single family home of the same value.

Do I have any other options besides paying the higher rate?

Thanks in Advance!

PS: Once I have the place and the tenant moves out, I will be using both units in the duplex and will convert the duplex to a single family. Will converting to a single family at a future date automatically drop the
Reply With Quote Quick reply to this message

Old 07-28-2008, 12:12 AM
Location: NC
1,264 posts, read 2,120,804 times
Reputation: 534
FHA is a very viable option for you. The purchase price falls well within FHA loan limits for duplexes in your area.
Reply With Quote Quick reply to this message
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top