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Updated over 8 years ago, 05/14/2016

User Stats

11
Posts
1
Votes
Greg Torian
Pro Member
  • Rental Property Investor
  • Egg Harbor Township, NJ
1
Votes |
11
Posts

Alternatives to FHA investing, turned down for Duplex

Greg Torian
Pro Member
  • Rental Property Investor
  • Egg Harbor Township, NJ
Posted

Hi everyone, just completed the long approval process for a duplex in New Jersey- FHA 3 1/2 % down, the amount to be financed was 211,000. Was about to go to closing, the mortgage company told me they couldn't get an under writer to close on it because they didn't believe I was willing to rent my current home out and move into One of the rentals.

    I have about  $ 20,000. - was only going to have to put $9,000. down, ( closing cost tied into price ) rentals were $1,200. Each. Would have been great income. 

My question is, what other ways are there to go about getting financing the next time a find a good deal like this? I only attempted to use FHA because of the amount of money I would have had to put down.

  Any ideas? Thanks.

  • Greg Torian
  • Loading replies...