25909 Pala #120 Mission Viejo Ca 92691

$0 Down on a Duplex, Triplex or Fourplex?

Yup! It’s true. You could be in a multi-unit home in 30 days! What’s the catch? There are 3:

  1. You still need to pay for closing costs. They average about 3.5% of the purchase price for buyers. That covers loan fees, title insurance, taxes, and escrow fees.
  2. This type of loan is considered an FHA loan (and no, you don’t need to be a first-time home buyer to qualify). You have to keep the loan amount below the FHA limits. In CA, you can’t go above $870,225 for a duplex.
  3. Unless you’re a veteran, you’ll need to pay Private Mortgage Insurance (PMI) until you have at least 25% equity in the property. On a $700,000 mortgage, the PMI would be about $500/month. Here’s a PMI calculator if you want to explore: https://www.hsh.com/calc-pmi.html

So… is it worth it? Maybe! It depends on the property’s rental revenue.

At the moment, the least expensive duplex in South Orange County is $735,000 (in San Clemente). Let’s talk about it! Call, text, or email me 24/7. I have a toddler so I’m probably awake!


Julia Hunter