Looking for advice on how to purchase duplex
To make a long story short just this past February my wife and I purchased a house using a usda home loan. We are now wanting to purchase a duplex and live in one side and rent out the other side as well as our house. I need advice on being approved for a loan and what I should have ready before talking to a loan officer or bank.
Here's what I know or think I know.
-can't refinance the house for at least a year after purchase
-usda loan requires that the home be my primary residence, that's why I need to refinance
For starters I am in the Tacoma/Puyallup (Pierce county) area of Washington. My brother works for a property management company and all the houses around me rent out for over our monthly mortgage however we will break even on the house and not receive cash flow from the house for awhile.We want to live in the duplex to save money for more investments.
If anyone is or knows of any good lenders or banks that work well with investors in my area that would be very helpful for me. Input is very much appreciated.