duplex in Quincy - Owner Occupied - Have to start somewhere

[Samuel Carmichael]

Hi Team, 

I would be happy to network with some Mass / Rhode Island BPers. 

In the next few months to the next year, I am looking to get into a Duplex / Triplex on the Commuter Lines into Boston. Either somewhere like Canton, Randolph, Brockton, Braintree,Quincy or even providence or Attleboro. 

I personally commute, and know a lot who also commute from Providence to Boston, and I think Naturally it is going to become more popular. I would like to get a FHA loan for a duplex around 400,000.

Here is my first newbie question (and trust me...i don't want to ask). 

1. Can someone pre-qualify for a FHA loan? So they can bring it straight to a seller?

if not.....

2. Is there a way besides bringing a cash offer to the a for sale by owner - where I could speed up the sale? Because I heard the whole process of the sale can take 4 months. - or is that for realtor listed homes....

GO easy on me.

- Samcro.

Here is an example: 

http://www.zillow.com/homes/for_sale/Quincy-MA/apa...

[Kerry Baird]

Welcome!  Those are good questions.  Keep them up.  

1.  Yes, I can walk into a bank and get pre-qualified.  Or apply online through any one of the online lending places.  Higher credit scores bring me lower interest rates.  Down payments have been getting lower in the past six months.  First time home-buyer programs exist.

2.  Seller-carry properties can close very quickly.  The seller can choose to "carry back paper" which means accept payments from you over time, and not always does the buyer have to come in with a lot of cash.  A search for OWC, or owner will carry, say on Craigslist or the local newspaper, is how these deals are still found.  A lease option is another method by which a person can get into a property, with the idea that a portion of the monthly payment is credited towards the eventual purchase.  And another thoughts: over 5 units are difficult to sell conventionally, because normally banks make loans on 1-4 units.  And 5 units are over this...which means that owners of these properties have a hard time selling, and may be willing to help a buyer out.  A friend of mine hand wrote letters to all the 5+ plex owners in our area, asking them to owner carry and got a good response.