The only way to qualify for a low down payment purchase loan, which would be an FHA loan, you will need to be an owner-occupant of the residence being purchased. You would need to provide documentation to support your assertion that you will be living in this purchased property and not renting it. Thiss may become a bit difficult if the property being purchase is smaller than the one you currently own/live in and also if they are geographically close to each other. Otherwise, you would need to purchase the home as an investment property which will require a higher down payment (20-30%) and a little higher interest rate. Please let me know if you have any more questions on this so I can explain in greater detail. You can reach me at 305-992-8624 or email@example.com.
Jose I. Gonzalez
If you're planning on using the second unit as a rental, you should consider your rate of return. By buying a cheaper second house, you will likely be able to collect less rent (and perhaps have less desirable tenants) than if you can stretch to a more expensive property. I would be happy to go over some rough numbers with you.
Best of Luck
Thank you for your inquiry. I would love the opportunity to help you with your new purchase. As part of my team, I work with an excellent Financial/Mortgage company that will not only qualify you but also provide you with excellent buying programs and interest rates. With your permission, please advise how you prefer to be contacted. Please respond with information.
Looking forward to hearing from you,
Real Living First Service Realty
7900 NW 155 Street, Suite 107
Miami Lakes, FL 33016