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Updated over 10 years ago on . Most recent reply
Looking for a Duplex loan, can anyone help?
I am on contract to buy a legal 2 unit house(duplex) in the city of LA under rent control
The monthly income on the property is 2700, and tenants pay all utilitiesSale price is 415k
I am looking for a 25% down payment loan (or best that can be done)
Open to different type of loans (ARM/fixed)
The problem I have had with one lender so far is the source of the downpayment/reserves
75 will come from my saving accounts
The other 50k came from selling of a piece of land I owned free and clear to my dad
Since it is my dad, we did not notarize, or record the sale.
My dad already transferred the money to my checking account a couple of weeks ago.
Can anyone help me?