Updated over 7 years ago on . Most recent reply
Searching for Potfolio Lender
Hello BP, last year I used an FHA loan to buy a duplex that I now owner occupy in Columbus, OH. My plan was to refi to a conventional 30 year loan in order to free up the FHA to use on a 2-4 unit property to owner occupy.
I recently learned that portfolio lenders are able to do 30 year loans on a duplex with an owner occupant with a 5% down payment. So I would be able to skip the refi of my current home and move forward to getting pre approved for a new loan with a low down payment. I have found one portfolio lender that has told me that they will be able to do the 30 year/5% down loan.
Does anyone have expirience with portfolio lenders that I can work with?
Also since this option wasn't apart of my initial plan I am not entirely sure this is the best option for me, so advice/guidance would be appreciated.