All Forum Posts by: Marlan Jones

Will getting a new higher paying job adversely affect ones chances of refinancing a loan for cash out?

I know typically when you purchase a home banks want to see 2 yrs employment at your current employer but is this the same when looking to refinance for cash out?

Please advise as I have a friend who is considering his options? :lol:

Thanks in advance for your help!

HELP -

I have my property under contract via homepath mortgage financing and with 17 days till closing I receive a call from my banker stating I need to have 9k more in savings otherwise the deal is dead. I have 13k in savings and a DTI ratio of 36% including PITI and the home im purchasing is $33,000 what's the problem?

The banker said something about me not having any other assets being an issue? But if the numbers work what's the issue? I was already prequalified for this loan putting in my offer and all of the sudden there is a problem. My min credit fico score is above 660 and I have been employed for over 2 years.

Alternative financing options or suggestions would be appreciated as I don't want to loose this deal. Also for what it's worth It'd be a owner occupied home.

Wesley, If you are intrested in a property that only qualifies for the "mortgage" portion of the homepath program PNC Mortgage is a national lender that will work with investors.

The loan officer I spoke with said it would be a little more expensive in points and higher intrest rate than a conventional FHA. No PMI on investor purchases either which makes this financing appealing to me. Hopefully nothing falls through at the last minute :lol:

I have yet to do a property inspection on the home Im intrested in. I obviously will do my due dillegence in having one as a contingency in my offer if I make one but is it safe to say that if a home qualifies for the "mortgage" portion of the homepath program as a general rule that all major functions are in tact?(Furnace, plumbing, electric, windows for theoritcal purposes??) Or has anyone come across one that was financeable w/o the reno portion and has these things damaged or missing?

Thanks for the reply, I was under the impression the Homepath loans didnt have PMI? Is the no PMI just for owner occupied properties?

Does anyone know of any credit unions/savings & loan banks/regional banks in NE Ohio that are willing to loan to LLC's for the purchase of investment property with a personal guarantee by the owner of the LLC?

I have good credit and solid cash reserves and know I could qualify for the home I am interested in as an individual but I want to build income as well as credit for the LLC for future purchases in the name of the LLC. Another reason I want to do this in the name of the LLC is that I plan to purchase a more expensive home to live in within the near future as well and don't want my DTI ratio to change for the worse if the property is not cash-flowing just yet at the time I purchase my OO property.

Has anyone had luck finding a national lender like this if not local to my area?

Hello All,

I have located a property I am currently interested in purchasing as an investment property via the homepath website. It has the homepath mortgage logo so I assume it is eligble for the homepath financing option I have beeen reading about. The property is listed for $12,000 and needs mostly cosmetic work(which I already have contractors lined up to complete).

My first question pertains to the feasibility of obtaining a loan for such a small purchase amount. I have read several blogs stating banks typically won't touch anything under 30k(yet in my area on the homepath site there are several homes listed under this dollar amount with the homepath logo)

My second question is what are Fannie's downpayment requirements on NOO properties? I have been reading that most are now requiring 15% down as opposed to the old rule of 10%. I am wondering if anyone has had recent experience using this form of financing and can verify if it's 10% or 15%?.

My third question pertains to Homepath financing VS commercial financing of SFH, as I was told by an originator it is extremely costly to use Homepath. Which in all you guys past experience would be the more cost efficient form to finance? (I just recently formed an LLC and ultimately would like to either purchase in the name of the LLC or move the property into the LLC for protection as well as building credit for the LLC.

Thanks in advance for any responses or advice given!!

Hello All,

My name is Marlan, I am a fairly new investor and am looking to supplement my buying power with a signature line of credit. I have solid credit(680-690) and verifiable income. Please advise if anyone knows of lenders doing signature lines in the 20k>50k range.

Thanks in advance for any and all help!

David could you please give us more information on this B of A unsecured line of credit and if possible the loan officer you used ;) Also I am in ohio is this an issue?