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Author Topic: O down investment loans  (Read 4998 times)

Offline spidermonkey

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O down investment loans
« 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

Offline Investment Loans

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Re:O down investment loans
« Reply #1 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?

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Offline kdhastedt

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Re:O down investment loans
« Reply #2 on: September 16, 2006, 09:06:47 pm »

This scenario could qualify for a HUD loan...

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline spidermonkey

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Re:O down investment loans
« Reply #3 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

Offline bighouse

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Re:O down investment loans
« Reply #4 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.

Offline Investment Loans

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Re:O down investment loans
« Reply #5 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.
To Our Success!
Ben Carmona * Consultant * ALL STATES * www.BenCarmona.com * 314-914-6052
1-4 Unit Investment Properties
Hard Money Rehab Loans * 24hr/1 day double close funds * Portfolio/Commercial/Business Options * No Seasoning Refis

Offline Lendinghand

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Re:O down investment loans
« Reply #6 on: September 22, 2006, 02:11:21 pm »
100% should not be a problem here.
Jason Vogler
Realtor - Ex Loan Guru
314-566-0919 direct

Offline Mdhaas

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Re:O down investment loans
« Reply #7 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.
If at first you don't succeed.....................skydiving is not for you

Offline spidermonkey

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Re:O down investment loans
« Reply #8 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

Offline john1

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Re:O down investment loans
« Reply #9 on: September 25, 2006, 10:54:44 am »
Yup! 100% would not be a problem at all

 




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