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Updated almost 5 years ago,
financing downpayment on residence with basement rental unit
My husband and I are under contract for this home in Decatur, GA, way below market, ($285K) includes independent basement rental with lease through December. Need to finance up to $70K downpayment. In qualifying for our conventional loan pre-approval, we were not able to take into account the $900 per month rental payments. I'm wondering if there is a way to get a personal loan for the downpayment, given that we have the monthly rental payments coming in. I would appreciate any advice. Thank you! Audrey
p.s. I have sent out a few messages to hard money lenders, got one reply that said they probably weren't a good fit for this.