All Forum Posts by: Michael Acheampong

I’m getting ready to close on a duplex with a locked rate of 2.8% conventional.

The day before closing the lender calls me an tells me they made a mistake in the system and therefore my rate is now 3%.

They said they put the house in as a single unit instead of a duplex. Which is ********. They’ve known it’s a duplex. I’ve written multiple papers to them about how I’m going to occupy one side.

They’ve always had doubts that I’ll actually be living in it, which I actually plan on doing so.

They doubt it because I bought a single family and it’s already paid off, they’ve been questioning me why would u move from a single family to live with neighbors this whole time.

My plan is to move in for a year and rent both out.

What should I do. I’m frustrated.

Paper signing was suppose to be Wednesday 3/3/2021.

Not sure what to do.

@Scott Wolf

My situation is a bit different. A lot of banks aren’t willing to finance it for me so I believe that’s why the rate is this high.

I just started a contract job and they said I have to be doing contract job for 2 years in order to qualify but I’ve only had it for 8 months.

This lender is willing to do it for me with 8 months of contract job.

@Rodney Sum

Thanks for the advice.

@Rodney Sums

The unit cost 250k. With 25% down I only need $187,500 from the lender.

@Rodney Sums

Based on what you’re saying, it makes sense to buy the points.

To buy it down to 3.75% is $3750 and the payment difference is $300/month.

This will take me roughly a year to make that money back.

@Nicholas Covington

Ohio

@Mike S.

It's under my name not an LLC

@Mike S.

I have 730 credit.

25% down not owner occupied.

30 year conventional loan.

I am currently under contract for a fourplex and putting down 25%.

Not living in it.

I’m getting quoted 4.75% with zero points paid.

Is this competitive for today’s market?

Also Incase I decide to go with this lender should I buy down to 3.75% for $3750.

It’ll take me a year to break even.

Thank you.

@MJ Erb I’m assuming he wants to be free of mortgage payment. He already has a house in Texas I don’t think he wants to buy another one.