Investment/secondary home

Hello all,

I am currently a homeowner in my early 30s in Pennsylvania. I've owned my home for about 3 years, and am looking to purchase a second home. Here's the catch, I'm looking to purchase the home so my parents can live there full time. They've run into a lot of financial problems in the past decades, and as they approach retirement age I'd like for them to be able to live rent-free in this home that I purchase. As for my financial history, I don't have a lot saved, mainly because 1) I have a lot of student loan debt (paying about 2k per month) and 2) I wasn't making enough money to offset that and my other expenses until the past year or so.

So, I'm wondering if it's possible to buy a second home, preferably a duplex, with 10-15% down. The lenders I've spoken have said duplexes are considered investment homes, and require 25%. I can be flexible, what if I move into this home full time (yes, with my parents) and rent out my now-primary home? Would the same apply?

I'd really appreciate if someone with this expertise could assist me. For additional info, my primary home is in PA and the secondary home is in NJ.

Thank you!

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