All Forum Posts by: Amir Guerami

Hi Keelan-

Yes loans for foreign nationals do exist. You generally have to put 30% down. The rate and terms are also very attractive. As long as you are not from a country that is sanctioned by the US you should have no problem.

Connor-

You have a ton of options but those options become limited if only intend to borrower in an LLC. Do you have a preference either way. Also it looks like your are looking for a renovation loan. How much fixing are you doing. Conventional products have limits as to what you can do. Most of the investors I work with start with portfolio loan, do the renovation without the limitations of conventional loans and exit into a long term rental loan. St. Pete is a great area!

Greg-

Thank you for your service and sacrifices. There is not wait time from going from a VA cashout to a conventional loan. The 6 month that you are referring to is going from VA loan to an IRRRL. Please remember that the VA loan can only be used to buy a principal residence. I think you have to be very careful in how you apply for each loan in terms of occupancy (principal vs. investment).

What type of loan were you applying for. Are you self employed or W2. How long have you been working OT. A new job should not stop you from getting a loan. Please provide some more details.

Horacio-

The two posts above me do a great job of explaining portfolio and NON-QM. As far as your particular scenario and investment please provide more color like down payment, appraised value, type of property, how long you plan to hold it, your credit score, your experience etc….this type of info is necessary to give you a good idea as to what would make the most sense in your scenario.

Dylan-

The FHA product allows you a down payment of 3.5% up to two units. Any thing over 2 units you need to do a self sufficiency test to see if the property cashflows, which many don't in the OC/LA and surrounding areas due to the high cost. Have you considered your closing costs? If not add another 2% or so to the cash you need. @Malcomb Stapel is 100% correct in today’s market the FHA loan is not very attractive but make a ton of offers, one will stick and don’t be discouraged. 

Good luck.

@Hoi L. absolutely agree with you. Perspective is so important....same I remember the low 5% days as well. 

Dominic-

Every lender has their own particular “overlay” or credit requirements. How much are you putting down when buying these units? 

Hmm…projected income can never be used regardless of FHA or conventional loans. Even with an offer letter in hand lenders will need you to receive one paystub before you close to make sure the "offer letter" is legit…if not everyone can draft an offer letter with a huge salary and never have a real job……

You are not getting the full story.

Jorge-

Initially allow me to thank you for your service and sacrifices. Can you tell us a bit about the deal you are looking to get into and the relevant terms of it. It’s hard to analyze your refi without knowing the what the other opportunity is.