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Forums » Seeking Financing, Money, or Loans » Financing for duplex in FL

Financing for duplex in FL Subscribe to Financing for duplex in FL

4 posts by 3 users

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Eric R

· Jacksonville, Florida


Forum_avatar_avatar-escapingthecube

Apr 16 '09, 11:15 AM

I'm seeking 50k to purchase a duplex. This is an REO. Each unit will rent for 650-700/mo. and I need the rental income to refi. Property is located blocks away from me. I have great credit (high 700s) and long term job stability. 20% of my skin is tough but I can handle 10%.

Edited: 06/26/2010 at 07:57AM


Scott Allan

Real Estate Investor · Hoboken, New Jersey


Forum_avatar_avatar-stallan54

Apr 21 '09, 12:01 AM

Eric,
Is this going to be an owner occupied home that you are moving to or is this an investment property. Unfortunately for an investment property, Fannie Mae guidelines will only fund about 75% in most areas of Florida. If this can be considered an owner occupied, then its a whole other ballgame

Edited: 06/26/2010 at 07:59AM


Eric R

· Jacksonville, Florida


Forum_avatar_avatar-escapingthecube

Apr 21 '09, 09:36 AM

This would be an investment property. asking price is 56k and tax records assess it at 210k. I purchased my home a few blocks away about 6 months ago for 120k (tax records @ 230k) and just did a straight refi and came back at 58% ltv. This duplex is an even better deal.

My understanding is that I could have a HML take a first position then I could do a straight refi in a few months. The ltv should easily come in under 75%.

Edited: 06/26/2010 at 08:00AM



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