Looking to Obtain a Favorable Primary Mortgage Loan

Asked by Brian, King of Prussia, PA Fri Dec 23, 2011


My fiance and I are looking to purchase a duplex property as our primary residence. We are looking for a lender that provides the following:
- Calculates a portion of the rental income from one of the units in the home for prequal purposes
- Does conventional, 30 year fixed mortgages with PMI (not FHA)
- 30 to 45 day lock in
- Favorable, market-competitive interest rates

Property is located in zip code 19002. We have excellent credit and are looking to get the best deal we can from a reputable lender/broker.

Thank You.

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Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Fri Dec 23, 2011
I agree with Gregorio, I'm not sure who's funding this loan but I don't know of any lender who can fund 2-4 unit conventional loans with PMI as no MI companies will insure it that I know of.

Of course FHA can do financing on the type of property you're seeking to 96.5%. I'm curious why you're not wanting a FHA loan...

We're all providing the same money, rates will all be about the same, the question is really whether or not the turn times will work for you and if you can obtain the maximum financing you're seeking without breaking the bank.
1 vote
Gregorio Den…, , San Diego, CA
Fri Dec 23, 2011
If Annette has this she would be very unique. Since you say you want PMI, that indicates you wish to put down less than 20% on a conforming mortgage. On a 2 unit primary residence, 20% down is required per guideline so I am unsure how anyone can do this for you without going the FHA route. If they have a portfolio product that will allow less than 20% down on a 2 unit, I know of no mortgage insurance company that will insure it.

I'd say you should call Annette and report back what you are told.
1 vote
Joanne LaFle…, Agent, Fort Meyers, FL
Sat Dec 24, 2011
I have a Lender that meets all your criteria. Home Lending Source is a direct National Lender and has very experience Mortgage Bankers. Call Mark Campbell in Fort Myers he has 30 years experience and is a Lender not a Broker. He is also on Trulia -as a pro. 239-898-6691 is his number.
Good luck!
0 votes
Alan Openshaw, Mortgage Broker Or Lender, Southampton, PA
Sat Dec 24, 2011
Hello Brain,

I can contact some of my portfolio lenders after the holidays. However I can guarantee that the rates won;t be as favorable as a Fannie Mae loan. I roo am curious as to why FHA is not an acceptable alternative. Pkease call me to discuss and I will make a determinayion if a portfolio lender may suit tour needs.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
0 votes
Annette Levi…, , New York, NY
Fri Dec 23, 2011
My bank Chicagobancorp does it. Call me after Christmas.
0 votes
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