Rental Property Investor · Raleigh · Member since 2019 · 16 posts · 10 votes
Hello! I am in desperate need of some help and I'm hoping y'all can add a little more advice to the situation.
I am currently purchasing my first duplex in Raleigh, NC and I have run in to a horrible problem.
Though it's being sold as a duplex, and essentially is a duplex, it is on two parcels of land and two deeds. Originally the lender and realtor decided it could be combined and so I went through with signatures. Now it turns out my realtor and lender miscommunicated somewhere and the lender won't approve the loan.
I have put 2k down in due diligence and I am not eager to lose that money. However I don't see the purchase being incredibly profitable if I went through with it with two loans.
We have tried with several lenders and nothing has worked. Working with Navy Federal now and really hoping that will work.
Traditional financing Fannie/Freddie I think you have little options it will need to be 2 loans because it’s 2 diff parcels. They have strict guidelines the lenders need to follow
You will have more flexibility w a portfolio lender, but rates might be higher I suspect you can save w closing costs..