We are in a dilemma. We own a duplex in VA, We would like to purchase a home in NC. We have the house on the market but it is not moving so we are

Asked by Leehea, Yadkinville, NC Wed Jun 2, 2010

thinking about renting out both sides(1 side is rented & we live on the other). My question is how difficult would it be to get a mortgage w/out a huge down payment?

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Melissa Papa…, Agent, Clayton, NC
Thu Jan 10, 2013
The question about qualifying for a mortgage would best be answered by a mortgage broker, of course. But, when you get the point you are ready to start loking at houses, feel free to contact me and I will be happy to help you find the right one. Thanks!
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nmk0808, Home Buyer, Yadkinville, NC
Sun Dec 30, 2012
do a private mortgage--find someone like me who has a house in Raleigh but moving to Winston-Salem. 2500 sq ft home on golf course. $300,000. Interested?
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Are you looking to list your house in Raleigh? If so, feel free to contact me. I work for the #1 sales office in Raleigh and would be honored to help you. I can be reached at MelissaP@hpw.com or 919-720-3600. I look forward to hearing from you!
Flag Thu Jan 10, 2013
, ,
Wed Jun 2, 2010
Hi Leehea,

It depends on a couple of things.
What type of loan do you have on your duplex? Is it FHA,VA or Conventional?
How much equity do you have in the duplex?
How long have you rented out the 1 side?
What is your middle credit score?
What is the reason for the move?

The answers to these questions will determine which type of financing you're eligible which will determine how much money you need for a down payment.

Here is a list of the programs and the down payment required for each.

FHA - 3.5% - you'll need a mid score of 620 or better
Conventional - 5%
VA - zero/ no monthly mortgage insurance
USDA - zero and no monthly mortgage insurance
Yadkin county is eligible for the USDA no money down loan so that will probably be your best bet.
Feel free to contact me for more information or help.
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