Posted by Paul Macdonald on November 15, 2000 at 07:30:31:
Wasn’t being negative. Just the facts. I didn’t say he couldn’t buy with no money down. I said he wouldn’t be able to get Fannie/Freddie financing with less that 5% down (and thats unlikely) on an owner occupied duplex.
Scott asked what was the best type of loan for his personal scenerio; starting out, no additional property, little cash, moving to a new location therefore no job history. If you reread my post I was talking exclusively about Fannie Mae/Freddie Mac conforming financing. He’ll save lot’s of time by not bothering with Fannie/Freddie as he posted. And people should know the guidelines in the financal arena.
Any good craftsman knows his tools. And if you want to buy lots of real estate your primary tool is financing. Doesn’t matter if its Fannie/Freddie, seller take back, hard money or anything in between. Its all financing.
With good credit, a good history and cash flow on the second unit there are absolutely other options for Scott. Which goes back to my original question: what does he classify as “best”? Terms? Rate? Lowest cost?