Real Estate Investing Forums

Real Estate Investing => Financing, Hard Money Lenders, Private Money => Topic started by: spidermonkey on September 16, 2006, 03:20:38 pm

Title: O down investment loans
Post by: spidermonkey on September 16, 2006, 03:20:38 pm
Hey there,
  Looking to buy a duplex. One half owner accupied, renting out the other half. Anyone know of any loan programs that don't require the traditional 20% down payment. I don't want to use all my capital for down payments.
Thanks .
Vaughn
Title: Re:O down investment loans
Post by: Investment Loans on September 16, 2006, 04:31:57 pm
Almost any lender has a 100% financing program for owner occ.  The question is whether or not you can qualify for that.  Actually that's a series of several questions.

Here's a couple.

What's your middle credit score?

How much in the bank?

Title: Re:O down investment loans
Post by: kdhastedt on September 16, 2006, 09:06:47 pm

This scenario could qualify for a HUD loan...

Keith
Title: Re:O down investment loans
Post by: spidermonkey on September 17, 2006, 11:57:46 am
FICO score 720. Two decent incomes in the household(Both R.N.'s) Won't have a problem qualifying.Live in Northeast PA. Most mortgage brokers i've run into are looking for at least 10% down on an Owner occupied duplex with rental. I'd rather save the down payment money and make improvments to the property for equity sake and to increase rental amounts. So I'd rather do 0% down.
Thanks
Vaughn
Title: Re:O down investment loans
Post by: bighouse on September 17, 2006, 12:37:00 pm
FICO score 720. Two decent incomes in the household(Both R.N.'s) Won't have a problem qualifying.Live in Northeast PA. Most mortgage brokers i've run into are looking for at least 10% down on an Owner occupied duplex with rental. I'd rather save the down payment money and make improvments to the property for equity sake and to increase rental amounts. So I'd rather do 0% down.
Thanks
Vaughn
8)Have you asked the owner about financing at least the down payment?
             john

ps also fron north east pa.
Title: Re:O down investment loans
Post by: Investment Loans on September 17, 2006, 07:55:47 pm
100% should not be a problem with that score, income, and assets for a 2 unit that's owner occ.

If as brokers we have access to 3-4 unit 100% for non owner, trust me, there's owner occ loans available.
Title: Re:O down investment loans
Post by: Lendinghand on September 22, 2006, 02:11:21 pm
100% should not be a problem here.
Title: Re:O down investment loans
Post by: Mdhaas on September 25, 2006, 08:39:07 am
spidermonkey,  I have to agree with everyone else.  Unless there is something that you are not telling us, 100% financing is not an issue.
Title: Re:O down investment loans
Post by: spidermonkey on September 25, 2006, 10:01:55 am
Thanks for your replies, everyone. I was simply going on what my bank was telling me. I did some extra checking around with actual  mortgage brokers and it's no problem.
Again ,thanks for all the info
Title: Re:O down investment loans
Post by: john1 on September 25, 2006, 10:54:44 am
Yup! 100% would not be a problem at all