Bad info from lender, deal about to fall apart
Hi all,
My lender told me a while back that he had a loan program available for 2-4 unit properties that required 20% down. Based on that, my wife and I have spent a great deal of time researching properties, going out on showings, etc. We finally found a promising duplex, and wrote an offer that was accepted (my lender wrote up the pre-qual letter, even).
The same evening that the offer was accepted, in response to a question of mine, my lender emailed me and said he was very sorry but he had been mistaken about the 20% down loan program, and that the only products he had available all require a minimum of 25% down. What?! There go dozens of hours of our time, our realtors time, etc. researching investments. Talk about upsetting, ugh.
Anyway, I'm scrambling around this morning doing research and making calls to see if I can track down any lenders that will do 20% down (and in an ideal world, less) on a 2-unit investment property. We have the 20% funds ready to go, good/excellent credit in place, etc...it was the extra 5% on the 25% that's a deal breaker, both because we don't have the extra liquidity right now, and because the property just doesn't pencil w/ that much of a down payment.
Thanks in advance,
Reid