Rental Property Investor · Baltimore, MD · Member since 2017 · 3 posts · 0 votes
Hello,
I am considering buying a duplex in or near Atlanta, GA. I'd like to move I to one side and rent the other. Does anyone have recommendations for a hard money lender that does longer terms for rentals, with competitive interest rates and low down payment requirement?
I am considering buying a duplex in or near Atlanta, GA. I'd like to move I to one side and rent the other. Does anyone have recommendations for a hard money lender that does longer terms for rentals, with competitive interest rates and low down payment requirement?
You might have a hard time with a hard money lender if the property is going to be owner-occupied, they normally stay away from that. I would look into just getting a regular loan such as FHA.
Rental Property Investor · Baltimore, MD · Member since 2017 · 3 posts · 0 votes
7y
Thanks so much for the feedback everyone! I will definitely check those sources out. I do agree with the FHA route but I already have an FHA loan on my current home. However, I also agree with the property being nonowner occupied making it much easier to get a HML so I will probably not be moving into it in that case which will also help me avoid having to refinance my current mortgage.
Mortgage Broker · Dallas, TX · Member since 2017 · 657 posts · 275 votes
7y
@Collin Allen you can have more than one FHA loan as long as it makes sense. If you are just trying to house hack then you might not have a good reason though.