if i were to purchase a duplex for 185,000 what would be my down payment . 90041 area

Asked by joe C., Los Angeles, CA Tue Mar 17, 2009

What are my options if i dont have enough of the down payment. Any programs or helpful websites

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5
Sky Minor, Agent, Los Angeles, CA
Tue Apr 14, 2009
You've got to get at least 3.5% down Joe. That's $5550.
1 vote
Tracy King, Agent, Eagle Rock, CA
Tue Mar 17, 2009
Hi Joe,
3.5% down FHA is the least down payment you can do. but if the property was built before 1978 you have rent control issues. go to http://www.amlegal.com/nxt/gateway.dll?f=templates&fn=de… to read the law on this.
Basically, if you want to move into one of the units, you can pay relocation fees to the tenant. But you can't do this until you own the property, so you have a tricky issue to deal with. and you need the considerable funds to pay the tenant to leave.
If you are looking for a duplex in Eagle Rock, you should be prepared to pay more than the asking price if it's under $200k.
1 vote
Monique and…, Agent, Beverly Hills, CA
Tue Mar 17, 2009
Hello Joe,

FHA might be an option for you as long as one of the units is vacant. I have a lender I can refer you to that handles these type of loans with as little as 3.5% down for the duplex.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
0 votes
Tim White, , Hart, MI
Tue Mar 17, 2009
Joe -

There are so many variables to consider! Teri nailed it when she said you should talk to your lender. The type of mortgage program you go with will determine your down payment.

For example, if you are a veteran, and plan on living in one of the units, you could get a VA loan, and have NO down payment. This is one reason why Teri may have asked if you plan on living in the duplex.

There are several different loan programs out there, and they all have their pros and cons. Give a lender a call, and let us know how it goes for you. Good luck!
0 votes
Teri Andrews…, Agent, Auburn, CA
Tue Mar 17, 2009
Joe,
Are you going to live in one half of the duplex? or is this an investment only? makes a difference.

Your first step should be to talk to a local lender.
0 votes
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