Purchasing a 4 plex, two seperate structures (so, two Duplexes side by side). My residence will be one of the units. FICO is 687 and I have steady income that more than meets the Note on a 104K sale. Units are all rented on contract at $350 per month to February, with one unit month to month (the one I will take). Rentals are VERY hard to find in the location of this property, very high demand! Looking to improve property, best guess is probably around $135K total for all, so the FHA203K is perfect for the deal. I have no history of default, but I do carry a too much revolving now or I would be well over 700 FICO. My first goal is to knock out the revolving with the positive cashflow starting at the close on this Investment. My current expenses are low (no other notes of any kind). I also own other improved property free and clear. I have been unable to get a response from query made to Lenders in Oklahoma City that are listed on the FHA site as approved for 203K. I do have cash for the down..even for a Conventional if needed. The 203K is my goal on the deal because of the single transaction and reasonable down. I'm ready to do business, not kicking tires..I do have signed contract with the Seller and very recent report on building inspection (first of this week in fact). The property is in good condition and upgrades were well done. Structure has solid bones and foundation. Next step is Appraisal and qualify. I'm ready to send my application, income history, and taxes for qualification to any Lender willing to go the distance. This is my first investment property..and there will be more in the same location and for the same reasons. I will be buying or building no less than 4 plex rentals from here on, and I need a lender as team member for my plans. Anyone FHA203K qualified in Oklahoma out there ready to make money?? by Smeshn_528_705 from Alva, Oklahoma. Sep 2nd 2011
Hey Alva... Your scenario is absolutely a no brainer... so long as your living in the property , you can purchase with 3.5% down, and most lenders who do FHA will do 203K... (This is assuming your 4plex is one parcel) I'm in Arizona and am not licensed in OK, but it's weird you cannot find a lender... a good source for finding a Loan Officer is the Consumer Access for the Nationwide Mortgage Licensing System. Good Luck... www.nmlsconsumeraccess.org
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