All Forum Posts by: Tarik Turner

I will add that Most HML have loan minimums so while you can get a bridge loan to cover the rehab only.. if your rehab is only 40k (for example) you will be hard pressed finding a lender willing to do a loan that small

Apply for a Portfolio Loan is the simple answer thru a non QM lender

Are you still living on the property as well?

You can Cash out refi based on the appraised value prior to the 6 month window for sure ( as soon as 30 days on title) Do not expect conventional rates however. 

The other issue is the additional lots. Not sure how the additional parcels will be valued. You will probably be limited to the value of the parcel with the existing structure. Is the area rural?

Congrats on the start of your journey and good luck @Orly Howard

Agree with @Eric James You can refi after the purchase based on the appraised value but typically loans for purchases are based on the lesser of the two (Purchase price vs appraised value) So the only time lenders base a loan on the appraised value rather than the purchase price is if the value comes in less than the actual purchase price

You might be able to use a stated income portfolio loan but the rates will be higher than a conventional loan. Is the property occupied or still vacant? 

Rates are so all over the place but if you are going conventional on your investment property you can probably get a 30 yr fixed at around 4.5% to 5% a portfolio Loan during these times are starting around 6.5% and up but they do exist

Not all lenders calculate DTI. Look at portfolio lending options if that is a concern

If you are looking at a conventional loan then that is pretty standard there are lenders who have shorter seasoning periods but rates will be a bit higher. I agree keep calling around until you find something that works for you