Duplex purchase, how to find financing…rural area of Vermont

[Deb G.]

Hi Id like to purchase a duplex that is currently rented to long term tenants and I’m trying to find a small loan $75k.  

My credit score is above 800 and NO debt!  but I only work part time by choice so my income is low but my assets are above $300k, can I find a loan based upon the current rental income of the duplex?  Thanks!

[Weston O'Dell]

Hey Deb, great question. VT can be tough from a licensing perspective so be sure to double check with you broker/lender to make sure they are good to proceed. I like the idea as mentioned above that local banks may be a good fit for you due to the potential rural nature of the property. Best of luck and let us know how you proceed!