I own a duplex on a FHA mortgage. Now, my family grows and I would like to purchase a single house. Is there anywhere I can get a loan with 5% to 10% down instead of 20% because I dont' have that much of cash available to play with. I bought my duplex at the time that the housing market is booming and now that the housing market is down, my duplex does not have much equity.

Some of the answers will be determined by how long you have owned the house, how much equity you have in the duplex and whether or not you have a lease ready for where you now live.  If you are a veteran, 100% financing is available.  The ability to consider rental income to offset PITI on the duplex may depend on the issues I raised in the first sentence.  You could also consider selling the duplex and then you could get an FHA loan on the single family home.

Conventional loans are available with 5 - 10% down.  If you are in a rural area, you may be able to obtain 100% financing thru a USDA program.  If you will be selling the duplex prior to buying, you would be eligible for another FHA loan as well.

It is a good idea to check with an experienced broker in your area as they will have access to many difeerent program.  It should be easy to find one that will take an application without you having to pay a fee.  Then, if they have a program that is suitable, you can proceed to looking for a home.

You do have the option to use FHA financing even when you currently have an FHA loan. If you're moving out of the area (sometimes even if just across town) you can keep your current FHA loan and get another. The previous post to check with a good broker in your area is smart.

Check the mortgage news daily directory for someone in your market. Brokers and Lenders who use this site and it's services should be the best you'll find.  We receive continous education on the industry and have a large network of professionals to ask questions and problem solve clients scenarios if needed. You'll be happy with your transaction for your new purchase. They can also help you find a real estate professional with the same customer first values to assist finding the perfect home.

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