All Forum Posts by: Alan Lacey

There isn’t much you can do, just prime rising like every one else just need for inflation to cool or a recession to happen to see it come back down and first mortgage rates drop. Otherwise it is shopping around for whomever can offer you a fixed rate and then having to refinance that when rates eventually come back down. Probably best bet is to ride it out if you are below 9 so you can have the i/o option.

you can look up Fannie Freddie second home rider directly on the agency websites. After first year there is no restriction on renting. The first year it has to be primarily for personal use. So 183 days the first year no requirement after that. So certainly restrictions, and the 14 day requirement is for irs not lenders.  Non agency loans can certainly have different second home riders, but most tend to use same verbiage. 
https://singlefamily.fanniemae...

https://www.strinsights.com/
he has a podcast as well which is quite informative 

as noted above 50(a)6 is is part of Tx constitution limiting cash out on homestead property. It doesn’t apply to non homestead properties which can do a regular cash out loan as not covered by the same constitutional restrictions. 

So either 1. your lender to take cash out on homestead property(or probably more accurately title co or Texas attorney) incorrectly thinking it is homestead because it is your only home in Tz. And in that case covered by constitutional restrictions of 50(a)6 but not eligible for 50(a)6 c/o because it is not a primary.

2. It was homesteaded incorrectly and they are correct.

3. The loan officer just wrong and thinks the only cash out loans you can do in Tx are 50(a)6 because that is only cash out you can do ona primary.

Like many described bailouts I suspect there will be no loss and over long time frame when collecting return on all investments loans etc it will turn out to make money. People decry TARP because they just read and remember the headlines but taxpayers ended up net positive. Same with Fannie/Freddie, and before my time but suspect even the S&l crisis. Doesn’t mean they were good business practice but tough in the moment for media and observers to get past the fact that illiquid assets do still have value, but not if you have to sell off or mark to market rather than have as held for investment to term on your balance sheet.

The Fannie/Freddie 12 month seasoning requirement is only if an existing first mortgage is being paid off. If that is the case the note date of the mortgage being paid has to be over 12 months old no matter how long you have owned the home. If you own free and clear you can use delayed financing option to an amount equal to your initial investment to max of 75 of the new appraised value. If free and clear and you have owned over 6 months you can simply borrow up to 75of the appraised value. Non Fannie/Freddie options will vary by lender of course.

They’re all kinds of good lenders local or not, and broker or not. What you don’t want to do is base what loan you get on what the promise is on cost to refi in the future. For the last 6 months lenders have been pitching low cost refi as the rates drop, and guess what recent changes to loan level price adjusters will be adding a .125 to .5 percent to most rate and term refinances. All the consumers who took higher cost deal from referral partners or heavy advertisers thinking they will just refinance are going to face a very annoying reality which is that the future is always unpredictable so take best offer you can from reliable lender.

I think it depends on the market. I would look at the strinsights website and software. They also have a pretty good podcast called stronomics

Small banks and credit unions aren’t goi g to be the answer for a dscr loan. If any of them do small commercial that is something but ythat is what you would want to look for rather than someone in residential lending.  At that loan size might be raise to search for lenders with 50k plus dscr options.