Lender is saying I need 25% down for HomePath renovation mortgage on for a duplex (with a garage apt) 3 unit property.

Asked by Greg Baur, Tue Apr 9, 2013

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Greg Baur, Agent,
Tue Apr 9, 2013
I thought FHA owned utilizing homepath renovation could go as low as 10% for investors, but he says not over 2 units. Is that correct?
0 votes
Wells Bridge…, Agent, OKC, OK
Tue Apr 9, 2013
That sounds about right. Anything over 2 units is financed differently and requires a larger down payment. It's considered investment rather than residential. I work with some great lenders who may be able to help you. If you would like their information, please feel free to contact me.

Bridgett Wells
Keller Williams Realty Elite
651-9320
bridgettwells@kw.com
0 votes
Carl Henker, , 95928
Tue Apr 9, 2013
Your lender is correct in that a 25% down payment is required on 3 unit properties for either owner occupied or investment properties. I think you will find this to be the norm.
0 votes
Josh Barnett, Agent, Chandler, OK
Tue Apr 9, 2013
Sounds great, if you are not living in all three units, the lender may be qualifying your file as an investment file and not an owner occupy. The Down Payment sounds in line with the norm.

Best of Luck
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