Duplex financing, 10% owner carry - Posted by Ryan

Real Estate Investing Duplexes
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Posted by Ryan on November 21, 2000 at 08:26:17:

Thanks Paul, I will talk to my mortgage broker and see if she has ever done something like that and if she can help me out.

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Duplex financing, 10% owner carry - Posted by Ryan

Posted by Ryan on November 15, 2000 at 13:57:32:

I have a question about financing a duplex that I’m interested in that is priced at 70K. The owner is willing to carry a note for 10% of the purchase price. My FICO scores are around 690 and I was wondering if there are any lenders out there that would take a deal like this without requiring me to put any money down myself. I saw a post here about somebody doing this but I have not been able to find a lender that would. Thanks in advance for the help.

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Re: Duplex financing, 10% owner carry - Posted by Paul Macdonald

Posted by Paul Macdonald on November 20, 2000 at 21:02:50:

Have the seller do a substitution of collateral if you own other property. The lender will count it as an equity line of credit loan and qualify it as a 10% down payment. Than have them run a DU or DO or LP request for a 90% investor loan. At a 690 score you’ll run a pretty good chance providing that income, and everything else works ok.