Posted by youngsterz (UT) on February 22, 2002 at 23:01:44:
Your bank sucks! That is about the most lame thing I have ever heard. What is it? The First National Bank of Larry?
Man, go to a few other banks. If you are going to live in half of a duplex, you should be able to get into the place for virtually nothing down, 3% MAX! This type of loan is done ALL THE TIME! This is so easy, it is hard to consider it creative finance. Easy, easy, easy loan! Once you are in, if you have good equity in the property because of getting a good deal, you can immediately do a line of credit for the balance of up to 95% of the value.
I’m using Wells Fargo on my loans, and they are great. Just hit a few other places. You should be able to structure an owner occupy for max financing and eliminate the PMI in the process.
Have fun! Once you get the loan, be sure to let the other banker know.