Looking for a loan to buy a duplex in memphis

[Luis Fernando Botero]

Hi BP community,

I have a question and would like to receive feedback from those with experience. I am looking at a turnkey duplex in Memphis with a purchase price just under 100k, what type of loan should I be looking for, I have read about DSCR loans but not sure if there are other options.

Appreciate the feedback

Thanks

Luis

[Andrew Garcia]

Hi @Luis Fernando Botero, as the others have said in the forum, you are probably looking for a DSCR loan.

Those are the easiest to use for investment properties. However, you are going to likely run into issues with that purchase price.

Conventional financing is likely a better option for this as it provides better rates and terms and has no minimum loan amount.

Additionally, if you are going to live in one unit, you can look into FHA loans.

Hope this helps! Let me know if I can be of any assistance.