All Forum Posts by: Alex Whittow

@Michael Henry Not sure why the mention did not take hold earlier.

@Ryan Seib Thanks for the input; I will get in touch with Tristan to see!

And @Jeremy Trad I definitely will!

@Michael Henry I'm looking to buy a small multi-family (2-3 units), and I'm moreso looking for guidance before and throughout the negotiation, as well as binding the contract.

Hello!

I've researched the web for a quality residential real estate attorney in the Milwaukee area and unfortunately my search has turned up little to nothing. It seems most firms either focus very little on real estate or primarily work in commercial. 

Two of interest were Martin J Greenberg Law Office (based in Mil) and Caliber Law (based in Oshkosh). However, does anyone have a strong recommendation for a real estate attorney in the area - specifically someone with experience in owner financing?

Any and all info is helpful - thank you!

Cheers,

Alex

Hey @Zack Karp, thanks for the response! It provides a lot of helpful insight, and I absolutely do not want to put myself in that position. I just find it odd that I'm not able to confirm this length of occupancy requirement for HP loans (as I'm easily able to with FHA loans).

With 3 properties in 2+ years, do you recommend doing Home Possible first, then FHA, then second FHA?

And when you recommend looking ahead with your numbers, do you mean making sure you're saving enough to afford another down payment at the end of the year? I'm definitely attentive to the cash flow, IRR, etc. going into the initial deal.

Hi Everyone!

I'm seeking out a Home Possible loan through Freddie Mac for my first home/multi-family property! It will be my primary residence and owner-occupied. From there, the plan is to live in this home for 6 months, and then obtain an FHA loan on a second property at which time I will move in and make that home my primary residence.

I understand that:

1. I cannot have another ownership interest at the "note date" of the Home Possible loan (which I don't/won't)
2. FHA loans require a certain DTI ratio (excluding rental income) that I will have to hit (which I plan to)

Now, granted I'm able to meet both of these requirements, will there be any obstacle in changing my primary residence after 6 months from the Home Possible property to the FHA property? Is there a minimum time limit that must be met for owner-occupying Home Possible properties?

I very much appreciate any and all insight you may have!

Cheers,

Alex