5% down Conv. for 2-4 units is Available! Home Possible Freddie Mac
Saturday, March 04
We talk about house hacking a lot these days on BP. The problem is that FHA has been a mainstay of this strategy typically because it has a very low down payment and is very flexible to qualify with.FHA is limited since it has the self sufficiency rule on 3-4 unit primary owner occupied propertie...
FHA House Hacking Updated on 1-4 Units
Monday, July 25
These are somethings to look out for when attempting to utilizing the FHA program to house hack:- on 1 unit properties you cant use your room mate or boarder income to help you qualify so you'll need the income to qualify all by yourself. There are exceptions but its in a limited circumstances- o...
Portfolio/Commercial Financing - Term & LOC-Pro's & Con's & Strategy
Saturday, April 30
Portfolio financing in this context can be considered any loan where a bank will retain the ownership and the servicing of the note internally. The terms will both be used interchangeably. Some times portfolio financing can be called commercial financing since smaller banks and regional banks oft...
How to use seller Carried 2nds with Conventional Financing
Wednesday, March 16
Seller carried 2nds are allow behind a fannie mae loan as long as it meets the guidelines for combined loan to value.If the first loan is 80% the 2nd is 15% then we have 95% CLTV or combined loan to value. This would work with a primary residence buyer since we can have a higher CLTV or LTV (loan...
Continuity of Obligation - Fannie Mae just removed their rules
Tuesday, March 01
Continuity of Obligation was a policy that came about during the financial crisis that basically limited the amount of loan you were able to obtain from a property after taking or being "added," to title on a property. The policy was implemented mainly to reduce the mortgage agency's risk of over...
Lender Credit, which type of loans have them and how they work...
Wednesday, January 20
If you ever wondered where the lender got the "lender credit," or LC from on your loan and how they were able to give you that credit then this article is for you.Lender credits generally follow products that are sold on the secondary markets. This applies to government sponsored products with ho...