$3200 Needed to Close on Personal Residence

[Ayodeji Kuponiyi]

I need $3200 to close on home that my wife and I like. The home is a personal residence not for investing. To close we need $8550 and we have $5500. We're using FHA loan with 3.5% down. Any ideas of finding the money? Should I go to a local bank? Close friends & family are not an option for us at this point and we rather not ask. We own a duplex that has no mortgage.

[Ryan Dossey]

Depending on the shape of the duplex you could probably find an investor that would loan you the money as a 1st position mortgage on the duplex. Make sure you can pay them back so you don't lose your other property. I would expect a pretty high interest rate as well. Not payday loan level but it would have to be worthwhile for the investor.