I am a local lender with a lot of experience originating FHA loans. From what I can tell by the limited information provided we shouldn't have a problem originating a loan for you. The two year lack of employment will only be an issue if it is primarily commission or bonus income. If the 51k is a straight salary, and you donâ€™t have any ownership in the business weâ€™ll be fine on the income front. Regarding your credit; FHA requires the borrower to have at least two credit scores. When you had your credit pulled by the other mortgage companies where they were able to pull all three scores? Lastly; there is a difference between a duplex and a multi-unit. Duplexes are two separate homes with one common wall. Each home is deeded separately which will make the property ineligible for one FHA loan, however FHA will lend on a multi-unit. A multi-unit is a one home with multi units. If youâ€™re looking for a multi-unit FHA lend on the property as long as it doesn't exceed 4 units. Please call me to discuss further.
Loan Officer | Renovation Specialist
Primary Residential Mortgage
1816 Aliceanna Street | Baltimore, MD 21231
Tel 443.384.3902 | Cell 914.629.1278 | Fax 443.384.6984
http://www.JonWald.net (Start your application today)
Processor: Michelle Buss | Direct 443.442.1605 | email@example.com
NMLSR ID 571973
Your biggest problem will be to find a duplex under a single deed. In Baltimore, side-by-side duplex units, which are not common to begin with, are usually separately deeded and usually have unaffiliated owners. A better strategy would be to find a 2 unit property which is configured as separate apartments up and down.
I can recommend lenders who will give you a straight answer and who will work with you as you do what's necessary to get loan approval. FHA will do a 2 unit building under a single deed if one unit is your primary residence.
Also i can help you find a 2 unit property which can be scarce but do exist. Another possibility would be to find a single unit that needs work and which is zoning legal for 2 units and do a conversion/renovation with a FHA 203K loan.
Give me a call if you need help.
Advance Realty inc.
Direct Phone: 410-560-4574
I have sent your post to a few lenders of mine to see if they can be of assistance. I am also an investor so if you would like to chat please feel free to give me a call on my cell at 443 564 0952. You can also check me out on my site at http://www.findbaltimoreareahomes.com
EXiT Preferred Realty
Direct: (443) 686-9750