Real Estate Agent · Miami, FL · Member since 2014 · 24 posts · 0 votes
Anyone have expierence with this? I have duplex property under contract for 67k. I would like to put 10% down. Is this possible if not anyone have any creative solutions that they have used?
Lender · Omaha, NE · Member since 2008 · 1k+ posts · 1k+ votes
11y
Yes, it is possible. If you are going the bank route (and intend on holding it longer term), I would start calling your smaller local banks and credit unions and ask about their terms. You'll likely need to find a portfolio lender (one who keeps the loans in house instead of selling on secondary market). They have more flexibility on terms.
Investor · Boyd, TX · Member since 2014 · 688 posts · 467 votes
11y
I was just listening to Podcast 64 tis morning and heard that you can do this with a HomePath loan but it has to be on a HomePath property (Fannie Mae). The ones I have looked at have been a bit above retail price from what I have seen.
Lender · Omaha, NE · Member since 2008 · 1k+ posts · 1k+ votes
11y
Shawn, in my experience you will have better luck with local (and possibly regional) banks/credit unions. They generally like to lend to their own communities and are more likely to do portfolio loans.
I am closing on a property next week. I was going to do 15% down, but the PMI was ridiculous. Basically, they see an investment loan and jack the PMI up which doesn't make it worth it IMO. I paid 20% down instead.