DTI-Challenged Investor Refinance to Purchase Duplex in Cleveland

Funded by i Fund Cities

Cleveland, OH

$75,000

2-4 Units Residential

03/11/2022
Transaction by
i Fund Cities
OVERVIEW: Our always-on-top-of-it iFC Loan Officer, Andrew, met this investor at a local meetup. The investor wanted to purchase a duplex in order to do a house-hack in Cleveland, OH. However, due to her debt-to-income situation, she was not able to get a loan. Andrew was able to find an i Fund Cities creative solution to this customer’s situation! How? iFC was able to refinance the customer’s existing FHA loan, which made room in her debt-to-income which, in turn, allowed her to purchase another property with an FHA loan.

KEY LOAN BENEFIT TO BORROWER: Thanks to Andrew’s ability to think outside of the traditional lending box for our client, this borrower was able to qualify for another rental loan, which allowed her to grow her portfolio with an income-producing duplex.

CUSTOMER FEEDBACK: The customer was wowed that they could do this refinance. “This is amazing! I didn't know I could refinance my house at all,” she said.