U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
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 05-04-2009, 12:51 PM
 
Location: MN
761 posts, read 3,174,372 times
Reputation: 443

Advertisements

Hey guys/gals,

I have a buddy at work that I was talking to that was interested in buying a duplex (single guy, lives in the inner city) and renting out the other half. He would of course have to qualify for the amount to pay for himself, but I was wondering if they would even do this loan being a first time homebuyer in a rental situation. Any thoughts? Would he need to have the 20-25% down or would FHA be possible?

I told him I wouldnt do it if I were him due to the headaches of maintenance/renting/code upkeep, etc..


Just throwing this out there for him, thanks in advance for the replies.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 05-04-2009, 06:04 PM
 
316 posts, read 1,231,039 times
Reputation: 315
FHA will lend on a duplex so long as he is residing in it.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-04-2009, 08:40 PM
 
114 posts, read 787,980 times
Reputation: 67
It has to be owner-occupied. I'm buying one (first time home buyer) and renting to the existing tenant. I went FHA.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
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
Message:

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

All times are GMT -6. The time now is 06:45 AM.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 36, 37 - Top