Finding a portfolio lender in Orlando Florida for a duplex
I live in Orlando and I just started working with a real estate agent to get my very first deal with a duplex. They connected me with RP Funding and they ran my credit, it's at 720. I only got approved for $110k, which is fine with me, but I don't have much money so i would have to get an FHA loan which is also fine but there is absolutely no way I will be able to live in the home for the year. The down payment for a conventional loan is too much for me as well. I heard about a portfolio lender, but not sure how to find one in Orlando. Please any help would be great
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@Christian Cuestas the down payment for a portfolio loan is likely to be more in the 25% - 30% range. In addition to your down payment a non-owner occupied loan will most likely want to see 3 to 6 months of payments available as a savings reserves after the closing is complete and all transaction costs paid. FHA definitely requires a 12 month owner occupancy even from a lender that offers FHA portfolio. Keep in mind that the $110k limit is more likely to be a function of your debt to income ratio than your credit score or the loan program.
As Brent mentioned a portfolio lender is a lender who keeps the mortgage as an investment instead of selling it to an investor immediately after funding.