Asked by Peter, Brooklyn, NY • Mon Nov 26, 2012
Hi! I intend to buy a 2-family duplex in Brooklyn, NY with a 20% down payment, which I've always thought was the minimum amount to avoid mortgage insurance. The house will be my primary residence. I applied for a pre-approval at Chase and they told me that 20% was the minimum for a 1-family house, while 25% was the minimum for a 2-family one. I did some googling and found the 25% figure only when a 2-family house is bought as an investment, not a primary residence. I went back to Chase and asked them, they told me that it was 25% regardless. So, it is just a Chase policy or that's what I should expect elsewhere as well?
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