{"id":52210,"date":"2021-07-01T10:45:33","date_gmt":"2021-07-01T18:45:33","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=52210"},"modified":"2023-02-07T08:47:21","modified_gmt":"2023-02-07T16:47:21","slug":"financing-a-duplex-how-to-get-a-loan-for-a-multi-family-property","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/financing-a-duplex\/","title":{"rendered":"Financing a Duplex: How to Get a Loan for a Multi-Family Property"},"content":{"rendered":"<p>Investing in real estate can be daunting. The right property isn\u2019t always easy to find, and financing can be just as difficult to come up with. For beginner investors, one solution might help reduce the hassle: Buying a duplex.<\/p>\n<p>As the owner of a duplex, you can live in the property while renting out the remaining space. And since you\u2019ll be using it as your primary residence, it could be easier to get financing.<\/p>\n<p><b>Here\u2019s what you need to know about financing a duplex:<\/b><\/p>\n<ul>\n<li><a href=\"#what-is-duplex\">What is a duplex?<\/a><\/li>\n<li><a href=\"#case-living-duplex\">The case for living in a duplex<\/a><\/li>\n<li><a href=\"#case-investing-duplex\">The case for investing in a duplex<\/a><\/li>\n<li><a href=\"#how-finance-duplex-multi-family-home\">How to finance a duplex or multi-family home<\/a><\/li>\n<li><a href=\"#using-rental-income-qualify-loan\">Using rental income to qualify for duplex loan<\/a><\/li>\n<\/ul>\n<p><a name=\"what-is-duplex\"><\/a><\/p>\n<h2>What is a duplex?<\/h2>\n<p>A duplex is a property that\u2019s divided into two separate living spaces. It\u2019s basically like having two homes in one property. Each living space has its own entry, and some even come with separate garages and outdoor spaces.<\/p>\n<p>A duplex is different from a twin home, which has two homes and two lots, and are considered two different properties. With a duplex, one <a href=\"https:\/\/www.credible.com\/mortgage\">mortgage<\/a> covers both units.<\/p>\n<h3>What is a multi-family home?<\/h3>\n<p>A multi-family home is basically a property that has different units that families can live in. The term is typically used to describe a property with two to four units. Duplexes are a type of multi-family home.<br \/>\n<a name=\"case-living-duplex\"><\/a><\/p>\n<h2>The case for living in a duplex<\/h2>\n<p>When you buy a duplex, you can become an owner-occupant, living on one side of the property and renting out the other. This comes with certain advantages:<\/p>\n<ul>\n<li><b>Easier to finance: <\/b>Living in a duplex might prove to be a simpler investment for first-time real estate investors. That\u2019s because it\u2019s usually easier to get financing for owner-occupied properties than nonowner-occupied <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/buying-rental-property\/\">investment properties<\/a>.<\/li>\n<li><b>The other unit helps pay your mortgage: <\/b>Depending on the rental market in your location, it\u2019s possible that the rent paid by your tenants in the second unit will cover your entire mortgage payment. At the very least, it\u2019ll help with a significant portion of it.<\/li>\n<li><b>Only one shared wall:<\/b> If you like some degree of privacy, you only have to share one wall when you get a duplex.<\/li>\n<li><b>Chance to start building rental income: <\/b>Your duplex can be a way to start building income. Once the second unit is providing cash flow, you could potentially move out of the duplex and get a tenant to replace you. With the extra money, you can look into getting another property.<\/li>\n<\/ul>\n<p class=\"featured-box featured-box--isOrange\"><b>Counterpoint: <\/b>There are some drawbacks to living in a duplex as well, including the potential that you might not like your neighbors and the fact that you\u2019re responsible for repairs and maintenance throughout the property, not just in your own unit.<\/p>\n<p><a name=\"case-investing-duplex\"><\/a><\/p>\n<h2>The case for investing in a duplex<\/h2>\n<p>Rather than living in the duplex, you could get a multi-family mortgage and rent out both sides of the duplex. Some of the advantages of financing a duplex this way include:<\/p>\n<ul>\n<li><b>More rental income:<\/b> By renting out both sides of the duplex, you\u2019re likely to get more rental income, providing you with more cash flow.<\/li>\n<li><b>Avoid living next to your tenants:<\/b> If you don\u2019t want to be bothered by tenants, renting out both sides allows you to avoid hassles. Your tenants are less likely to come to you since you won\u2019t be living next door. They can contact you during normal business hours when there\u2019s an issue.<\/li>\n<\/ul>\n<p class=\"featured-box featured-box--isOrange\"><b>Counterpoint:<\/b> It can sometimes be harder to get financing for a duplex \u2014 or any investment property \u2014 when you aren\u2019t living in one of the units. You might need a bigger down payment or the lender might require other paperwork and documentation, since the loan would then be considered an investment loan.<\/p>\n<p><a name=\"how-finance-duplex-multi-family-home\"><\/a><\/p>\n<h2>How to finance a duplex or multi-family home<\/h2>\n<p>Financing a duplex you plan to live in is generally easier than one you don\u2019t live in. If you don\u2019t plan to live in the unit, it\u2019s usually considered an investment property, so you\u2019ll need to come up with a bigger <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-much-down-payment\/\">down payment<\/a> and meet other lender requirements.<\/p>\n<h3>For owner-occupied properties<\/h3>\n<p>In general, the process of financing a duplex that\u2019s owner-occupied is fairly similar to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-get-a-mortgage\/\">getting a mortgage<\/a> for a single-family home.<\/p>\n<p>Depending on the <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/types-of-mortgage-loans\/\">type of mortgage<\/a> you get, you\u2019ll need to meet the following down payment requirements for an owner-occupied duplex:<\/p>\n\n<table id=\"tablepress-761\" class=\"tablepress tablepress-id-761 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles tbody-has-connected-cells\">\n<thead>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><th class=\"column-2\"><strong>Conventional loan<\/strong><\/th><th class=\"column-3\"><strong>FHA loan<\/strong><\/th><th class=\"column-4\"><strong>VA<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><strong>Min. down payment<\/strong><\/td><td class=\"column-2\">15%<\/td><td class=\"column-3\">3.5%<\/td><td class=\"column-4\">0%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><strong>Closing costs<\/strong><\/td><td class=\"column-2\">Yes<\/td><td class=\"column-3\">Yes<\/td><td class=\"column-4\">Yes<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><strong>Mortgage insurance<\/strong><\/td><td class=\"column-2\">Yes<sup><small>1<\/small><\/sup><\/td><td class=\"column-3\">Yes<\/td><td class=\"column-4\">No<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td colspan=\"4\" class=\"column-1\"><small><sup>1<\/sup>If down payment is less than 20%<\/small><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<h4>Conventional loan<\/h4>\n<p class=\"featured-box featured-box--isBlue\"><b>At a glance: <\/b>Conventional loans are made with a private lender and without government backing. Depending on the lender, you could put as little as 15% down for a duplex, although you might need to pay for <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-insurance\/\">private mortgage insurance (PMI)<\/a>.<\/p>\n<p>You can use a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/conventional-mortgage\/\">conventional loan<\/a> as a multi-family mortgage. These loans are subject to certain limits. <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/conforming-loans\/\">Conforming loan limits<\/a> are set each year by county. They\u2019re the same in most areas, except those with high costs. In most places, the loan limits are:<\/p>\n<ul>\n<li><b>Single-family:<\/b> $647,200<\/li>\n<li><b>Duplex: <\/b>$702,000<\/li>\n<li><b>Triplex:<\/b> $848,500<\/li>\n<li><b>Quadplex: <\/b>$1,054,500<\/li>\n<\/ul>\n<p>If you live in a high-cost area, you can check with Fannie Mae or Freddie Mac to see what the limit in your area is.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Good to know:<\/b> <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/conventional-loan-requirements\/\">Conventional mortgage requirements<\/a> are more stringent than government-backed loan requirements. For instance, you\u2019ll need a higher credit score to take out a conventional loan.<\/p>\n<p>You\u2019ll also need to pay PMI if your down payment is less than 20%, though it can usually be removed after you build up enough equity.<\/div><\/div>\n<p>Credible can help you find a great mortgage rate on a conventional loan.<\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n<h4>FHA loan<\/h4>\n<p class=\"featured-box featured-box--isBlue\"><b>At a glance: <\/b>FHA loans are insured by the government. In general, the credit requirements are a little easier to meet and you can make a down payment as small as 3.5%. All FHA loans, though, require you to pay mortgage insurance premiums.<\/p>\n<p>With an <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/fha-loans\/\">FHA loan<\/a>, you\u2019ll be required to meet conforming loan limits, but you might not have the same stringent credit requirements that you\u2019d see with a conventional loan.<\/p>\n<p>FHA loans come with a relatively low 3.5% down payment. However, you\u2019ll pay mortgage insurance premiums for the life of the loan if your down payment is less than 10%. If you put more than 10% down, your mortgage insurance will be canceled after 11 years.<\/p>\n<h4>VA loan<\/h4>\n<p class=\"featured-box featured-box--isBlue\"><b>At a glance: <\/b>VA loans are backed by the U.S. Department of Veterans Affairs and only available to those who have served in the military or their surviving spouses. These loans don\u2019t have the same credit requirements as conventional or FHA loans \u2014 and there\u2019s no down payment requirement.<\/p>\n<p>For those who qualify, a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/va-loan-requirements\/\">VA loan<\/a> can be a good choice when financing a duplex. You don\u2019t have to put anything down, and there isn\u2019t a requirement to pay mortgage insurance.<\/p>\n<p>However, the VA does impose an upfront funding fee \u2014 between 1.4% to 3.6% of the loan, depending on your down payment and whether or not you\u2019re using a VA loan for the first time.<\/p>\n<h3>For investment properties<\/h3>\n<p>If you don\u2019t live in your duplex, the situation changes. You\u2019ll need a higher down payment \u2014 for conventional loans, the minimum is 25% \u2014 and the lender might want to see other documentation, such as local rental rates and occupancy statistics, that indicate the property will be profitable.<\/p>\n<h4>No government-backed mortgages<\/h4>\n<p>Government-backed programs like FHA loans and VA loans require that you live in the property as a primary residence. If you aren\u2019t planning to live in the duplex, you won\u2019t be able to access these programs.<\/p>\n<h4>Higher down payment requirements<\/h4>\n<p><span style=\"font-weight: 400;\">Lenders require larger down payments \u2014 usually 15% minimum \u2014 when you\u2019re not using a property as your primary residence. This is, in part, because investment properties pose a greater risk to lenders \u2014 if you fall into financial straits, you\u2019re more likely to stop making payments on your rental property than your own home.\u00a0<\/span><\/p>\n<p><em><strong>Check out: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/are-condos-a-good-investment\/\">Are Condos a Good Investment? Figuring Out the Pros and Cons<\/a><\/strong><\/em><\/p>\n<p><a name=\"using-rental-income-qualify-loan\"><\/a><\/p>\n<h2>Using rental income to qualify for duplex loan<\/h2>\n<p>It\u2019s possible to use projected rental income when applying for a multi-family mortgage, even as a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/first-time-homebuyer-tips\/\">first-time homebuyer<\/a>.<\/p>\n<p>The appraiser will include a special form called a Small Residential Income Property Appraisal Report (Form 1025) with your appraisal report that takes into account a number of different things, including:<\/p>\n<ul>\n<li>What each unit is likely to bring in for rent<\/li>\n<li>The condition of the property<\/li>\n<li>The value of comparable rental properties in your area<\/li>\n<li>Neighborhood characteristics<\/li>\n<\/ul>\n<p>Once that\u2019s done, Fannie Mae lets you \u201ccount\u201d 75% of the market rent when qualifying for a loan.<\/p>\n<p>So, let\u2019s say that your monthly mortgage payment for a duplex is $1,500, and you plan to live on one side while renting out the other side for $1,200, the market rent.<\/p>\n<p>You can use $900 \u2014 75% of the market rent \u2014 to reduce the amount of debt considered when calculating your <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/dti-for-mortgage\/\">debt-to-income (DTI) ratio<\/a>.<\/p>\n<p>Now, instead of a $1,500 debt payment impacting your DTI, only $600 is considered part of your DTI, which can help keep you below the 50% DTI limit.<\/p>\n<p><em><strong>Find out: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/should-i-buy-a-bigger-house\/\">Should You Buy a Bigger House? How to Make the Right Choice<\/a><\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investing in real estate can be daunting. The right property isn\u2019t always easy to find, and financing can be just as difficult to come up with. For beginner investors, one solution might help reduce the&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/financing-a-duplex\/\">Continue reading<\/a><\/p>\n","protected":false},"author":104,"featured_media":52211,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463],"tags":[1549,1528],"class_list":["post-52210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-homebuying-options","tag-mortgage-rates-sidebar-no-table","financing-a-duplex-how-to-get-a-loan-for-a-multi-family-property","post_tag-homebuying-options","post_tag-mortgage-rates-sidebar-no-table"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financing a Duplex: How to Get a Loan for a Multi-Family Property - Credible<\/title>\n<meta name=\"description\" content=\"Financing a multi-family property, like a duplex, can be difficult if you don\u2019t plan to live in it. 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