Updated over 8 years ago on . Most recent reply
Small community banks and persistency
My wife and I were absolutely determined to buy an owner-occupied 2-4 multifamily so we can save money and work towards financial freedom. However, we were having a problem getting banks to lend on duplexes (standing behind the appraisal) due to the low volume of duplex sales in our are, e.g. freaking zero.. literally.. Well at least the ones that were sold through a realtor and reported as sold on the MLS.
My solution: I called over 20 banks and talked to a loan officer/vice president, or both, at every single one until I convinced one to give us the loan. The 21st bank agreed to do the loan and decided to do an in-house evaluation and forgo the appraisal.
We are closing on the 6th of July and will be the proud owners of an owner occupied duplex paying a whopping $90.23 per month after taxes, insurance, P&I.
Moral of the story: Persistence is key!!
Most Popular Reply
Way to go Sterling Fields , thanks for posting!