4plex - How to finance without VA or FHA?

[Andrew K.]

Hello everyone!

Just moved into Virginia after my 5 year tour with the air force overseas and found a property with 2 houses on it both built in 1966 & both being duplexs for 185,000 total. Sadly all the units are filled with 1yr & 2yr leases and locks me out from being able to use my VA or FHA loans.

Currently I am looking for strategies that will help me obtain enough capital to afford the 20% down to take over the current loan and get my feet started in RE. Any and all advice is welcome!

Thanks in advance!

[Upen Patel]

@Andrew K. Thank you for your service.

If you are going to buy this as a conventional (Fannie/Freddie) then you will be 25% down. You could potentially get a loan with 20% down, but that would be a portfolio loan and you will take a hit on rate/points.

Good luck.