Want to buy a duplex but don’t have a big down payment?
If you’re going to live there, you can always get an FHA loan that requires just a 3.5 percent down payment, right?
Trouble is, with FHA’s new higher and longer mortgage insurance premiums, those loans have gotten expensive.
Well, there’s finally some good news from the mortgage industry for duplex owner occupants.
Sam Giannakakis, a loan officer with Alerus Mortgage, called yesterday with news of a loan that requires just a 5 percent down payment for owner occupant buyers.
Borrowers must have a minimum credit score of 680, be buying the duplex with the intent to live in it, and earn no more than $86,000 a year.
While the income limitations mean this loan isn’t for everybody, it nonetheless is an indication the banking industry may be rethinking some of their positions on multifamily property lending.
This loan is available nationally, and if it’s something that’s a fit for you, contact Sam by using the hyperlink above. He’d be happy to help; regardless of where you live.