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Updated almost 4 years ago on . Most recent reply

User Stats

4
Posts
1
Votes
Rodolfo Suarez
  • New to Real Estate
  • Alamo, TX
1
Votes |
4
Posts

Is 10% worth possibly losing the deal?

Rodolfo Suarez
  • New to Real Estate
  • Alamo, TX
Posted

So I’m currently in a contract with my second deal, which I think is a killer deal of $80K on a 4/2 home (which is worth an easy $120K) that’s being run like a duplex. House, they cut in half and are renting both sides.

Since I already used my FHA on my first deal and it hasn't been a year. My bank is considering the home/duplex as an investment property, and my bank just told me that it just started requiring 25% down this week.

Should I try and rush getting approved by another bank that only requires 15% down or just ride it out which would have me leaving an extra 10% in the deal? I just signed the contract and paid the earnest money yesterday.

Sincerely,

Rodolfo Suarez

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