Asked by Tk, Woburn, MA • Wed Mar 20, 2013
Verbal pre-approval amount: 300k for duplex
Area looking: Specifically Malden, Medford, Woburn, Stoneham and surrounding.
I am looking to get into a duplex using Masshousing P&R loan. I was pre-approved for duplex of 300k and waiting for a pre-approval letter. Since I am single and limited on my income I think its best that I get into a duplex and rent out the other units to offset some of my mortgage; which would allow me to still 'survive'.
I am very realistic and know that duplexes, in those areas, under 300k are usually in need some extreme rehab and I am willing to go through with it since the benefits will pay off in the long run. However, I feel that I am having a difficult time with lenders and realtors taking me serious with what my plans are.
Anyone have any experience/feedback using MassHousings Purchase and Rehab loans? Maybe lenders, contractors or Realtors with that focus?
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