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Updated almost 11 years ago on . Most recent reply

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Yaear Ben
  • Los Angeles, CA
0
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6
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Looking for a Duplex loan, can anyone help?

Yaear Ben
  • Los Angeles, CA
Posted

I am on contract to buy  a legal 2 unit house(duplex) in the city of LA under rent control

The monthly income on the property is 2700, and tenants pay all utilities

Sale price is 415k

I am looking for a 25% down payment loan (or best that can be done)

Open to different type of loans (ARM/fixed)

The problem I have had with one lender so far is the source of the downpayment/reserves

75 will come from my saving accounts 

The other 50k came from selling of a piece of land I owned free and clear to my dad

Since it is my dad, we did not notarize, or record the sale.

My dad already transferred the money to my checking account a couple of weeks ago.

Can anyone help me?

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