Small banks in LA for duplex loan

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Marshall Leipprandt
Real Estate Agent · Miramar Beach, FL · Member since 2016 · 285 posts · 245 votes
3y
Quote from @Benjamin Furney:

Im looking to buy a duplex in LA with 5% down. 


Gotcha. Well, if you qualify for an FHA loan, that could work. Standard FHA is 3.5% down. There may also be some first-time buyer loan programs. A lot of the big lenders do FHA loans - could be a good place to start researching.

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  • Marshall Leipprandt
    Real Estate Agent · Miramar Beach, FL · Member since 2016 · 285 posts · 245 votes
    3y

    @Benjamin Furney What exactly do you mean by flexible? There are so many banks and lenders around here, narrowing your goals down might help others who have connections. Like maybe banks that are doing ARMs? DSCR loans? Low-down payment programs?

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  • Benjamin Furney
    OP
    Member since 2020 · 17 posts · 17 votes
    3y

    Im looking to buy a duplex in LA with 5% down. 

    0Reply
  • Marshall Leipprandt
    Real Estate Agent · Miramar Beach, FL · Member since 2016 · 285 posts · 245 votes
    3y
    Quote from @Benjamin Furney:

    Im looking to buy a duplex in LA with 5% down. 


    Gotcha. Well, if you qualify for an FHA loan, that could work. Standard FHA is 3.5% down. There may also be some first-time buyer loan programs. A lot of the big lenders do FHA loans - could be a good place to start researching.

    1Reply
  • Benjamin Furney
    OP
    Member since 2020 · 17 posts · 17 votes
    3y

    Thanks for the reply Marshall, it looks like the 5% down for conventional doesnt exist under freddie mac and fannie mae. Thats where I was confused. 

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  • Robert Reynolds
    Real Estate Agent · Los Angeles, CA · Member since 2019 · 302 posts · 163 votes
    3y
    Quote from @Benjamin Furney:

    Hello, I found a duplex that I would like to purchase in LA. I am looking for a small local bank that has flexible terms to talk to you. Any reccomendations?

    Why not just do the FHA 3.5% down? Do you already have one? I can connect you with my lender if you’d like 
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  • Kyle DeutschmannPro Member
    Investor · Washington, DC · Member since 2017 · 428 posts · 205 votes
    3y
    Quote from @Benjamin Furney:

    Thanks for the reply Marshall, it looks like the 5% down for conventional doesnt exist under freddie mac and fannie mae. Thats where I was confused. 


    Hey Ben, there actually is a conventional loan option for 5% down on a 2-4 unit property; however, there are certain stipulations including not having ownership in more than one other property at time of closing and you must make < 80% of the area median income to qualify. Otherwise a 3.5% down FHA loan may be your best bet. Happy to chat if you'd like a second opinion.

    [email protected]
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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y
    Quote from @Benjamin Furney:

    Im looking to buy a duplex in LA with 5% down. 


     Hey Benjamin, 

    Are you planning on living in any of the units? If so, you might be able to do this depending on your DTI and credit.

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
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  • Dave Skow
    Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
    3y

    @Benjamin Furney- thanks for the post  -  let me know if you would like a referal to  a CA Loan officer 

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