Memphis, TN - Lender
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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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.
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!
- Devin Peterson
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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
- Robin Simon
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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
I also need a realtor for Memphis. Any suggestions?
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.