Lending for a First Live in Home with Large Renovations Needed
Hi all, I am trying to buy my first home in Dallas as a duplex to live in one half and rent out the other. The house I found will need about 100k in work though, but I want to take advantage of a low 3%-5% down payment by living in it.
Are there any options to lend for this? Is it typical to use a standard mortgage lender for this type of purchase for a first live in home?
I am talking with a lender, but I am not sure if he can lend with the amount of work needed.
Are there any options to lend for this? Is it typical to use a standard mortgage lender for this type of purchase for a first live in home?
I am talking with a lender, but I am not sure if he can lend with the amount of work needed.