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Memphis, TN - Lender

Posted Jul 30 2023, 14:04

Hello,

I'm interested in helping my nephew purchase a duplex to live in during Grad school while he attends U of Memphis - Fogelman. It would be his first investment, and I would be the co-signer. 

I need to locate a lender in Memphis that might offer this type of loan. Any suggestions? 

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Devin Peterson
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Devin Peterson
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Replied Jul 30 2023, 18:05

Hi Geoffrey,

If you are seeking and investment loan product for you and your nephew - I would recommend that you become familiar with DSCR loans. They are asset based investment loan programs that don't require traditional underwrites or even income. I would mention that you need at least 20% for the Down Payment. However, you avoid 90% of the red tape from other loan programs out there. Good luck!

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Robin Simon#1 Private Lending & Conventional Mortgage Advice Contributor
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Robin Simon#1 Private Lending & Conventional Mortgage Advice Contributor
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Replied Jul 30 2023, 19:00
Quote from @Geoffrey Robinson:

Hello,

I'm interested in helping my nephew purchase a duplex to live in during Grad school while he attends U of Memphis - Fogelman. It would be his first investment, and I would be the co-signer. 

I need to locate a lender in Memphis that might offer this type of loan. Any suggestions? 


DSCR Loans arent going to work here if your nephew is going to live in it - what you are looking for is a conventional or non-QM "house hacking" loan which would allow him to put little down, live in one unit and rent the other

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  • from Denton, TX
  • Member since May 11, 2023

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Dennis Muno's profile image
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Dennis Muno
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Dennis Muno
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Replied Jul 30 2023, 19:08
Quote from @Geoffrey Robinson:

Hello,

I'm interested in helping my nephew purchase a duplex to live in during Grad school while he attends U of Memphis - Fogelman. It would be his first investment, and I would be the co-signer. 

I need to locate a lender in Memphis that might offer this type of loan. Any suggestions? 

 Hello Geoffrey,

Nice to make your acquaintance on here. If you and your nephew are going to apply together with you as a co-signer, an FHA loan would be a great way to go. While you can't have multiple FHA loans(if you already have one currently) if you are co-borrowing it is possible. However your nephew will need to stay in the property at least for a year.

FHA loans allow you to put down 3.5% down with the condition that you(or the principal borrower) must stay in the house for a minimum of 1 year.

Anyway, if you can do an FHA, I would recommend it most. FHA can be done with 3.5% downpayment. FHA loans are also forgivable of higher debt to income ratios.

So you could go FHA, conventional.

If you can go FHA, best way to go

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Replied Jul 31 2023, 06:19

I also need a realtor for Memphis. Any suggestions?

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Brad Puckett
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  • from Memphis, TN
  • Member since Oct 13, 2022

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Brad Puckett
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Brad Puckett
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Brad Puckett
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Replied Jul 31 2023, 10:55

Hi @Geoffrey Robinson I know multiple people who have used @Walter Jones to help them find properties. Not sure about a live in duplex but working with him is great. 

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Replied Jul 31 2023, 11:00

Thank you!