HELP! I need financing advice..... - Posted by Andrew

Real Estate Investing Real Estate Financing
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Posted by Andrew on January 03, 2003 at 15:31:28:

Thanks for your advice!

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HELP! I need financing advice… - Posted by Andrew

Posted by Andrew on January 03, 2003 at 10:50:43:

I’m trying to buy a triplex priced at 200k and I have between 10% and 20% to put down. The 3 units currently rent for about $2000 a month. I would like to move into one of the units when the current lease expires (which is in a couple of months). I have a credit score of 635 and no other equity to tap.

My questions are:
Would this finance be considered owner occupied?

Does anyone have a recommendation for stated income financing on this type of deal with the credit score that I have? Obviously I want to put as little down as possible. I realize I’m going to have to go with a higher rate.

Any feedback on how I can make this deal work or who I could get financing through would be greatly appreciated.

Thanks
Andrew

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Re: HELP! I need financing advice… - Posted by GMann

Posted by GMann on January 03, 2003 at 14:10:03:

You should be able to go to any mortgage company/broker and get the deal done. You may need to put the 10-20% down. Stated income should not be a problem if you have 620+ credit scores.

And yes the lender will consider it an owner occupied, BUT and this is a big BUT, the lenders will look very hard at what you are doing with the owner occupied property you are living in now. They do not want to over extend the loan to values or give lower rates if it is truly an investment property. Investment properties are a much higher risk because if you loose the property you would still have your primary residence.

Best of luck!