I was wondering - what does it take to be approved for duplex financing?? I currently own a house used as rental. I want to buy a second one, a duplex. I currently make 44K at my job and the house is rented at 700/month with payments of 914(I am in the process of increasing the rent). I am looking at a duplex priced at 189K. The rent is 800/side and payments be around 1300 - rough figuring. My other debt is 1150/month and scores of 664. Based on these figures it looks good to me.

But looking for options/cosiderations.

I do not know of anyone that does 100% financing on an income producing property.

Ted- I can do 2 unit Non Owner Occupied at 100%, as long as your score stays about 640. I've got about 6 lenders I'm set up with (I'm a Mortgage Broker) that would do this loan. You would have to cover closing, but that's pretty standard. I'll check with a few lenders to see if the seller's allowed to cover a portion of closing, but based on your loan amount, it would be minimal. Documenting your income will go a long way. I even know a lender that will let us use the potential rental income on the property to qualify, without lease agreements and so forth. Email me at chrissirunnels@BayMortgageMS.com or give me a call at 228 343 2094.

Any residential brokers- I'd be happy to pass along my niche list, a 70+ page pdf file that will help you find the lenders you need for "creative financing." Email me or look me up on Yahoo Messenger (ChrissiRunnels) or AIM (Crmetairie) if you've got a rough one!

Does it matter that I am in Wisconsin?

I am in all 50 states......

ted ;
can do 100%,80/20- 1st is 5 year interest/only 25 amort.need credit of 680 and have tradelines and some assets
John/Bridgewater funding llc
631-277-2500x115

I would love to get that list from you... do you have any information on commercial deals






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quote=MSGulfCoast,Feb 1 2005, 08:44 PM]
Ted- I can do 2 unit Non Owner Occupied at 100%, as long as your score stays about 640. I've got about 6 lenders I'm set up with (I'm a Mortgage Broker) that would do this loan. You would have to cover closing, but that's pretty standard. I'll check with a few lenders to see if the seller's allowed to cover a portion of closing, but based on your loan amount, it would be minimal. Documenting your income will go a long way. I even know a lender that will let us use the potential rental income on the property to qualify, without lease agreements and so forth. Email me at chrissirunnels@BayMortgageMS.com or give me a call at 228 343 2094.

Any residential brokers- I'd be happy to pass along my niche list, a 70+ page pdf file that will help you find the lenders you need for "creative financing." Email me or look me up on Yahoo Messenger (ChrissiRunnels) or AIM (Crmetairie) if you've got a rough one!

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