All Forum Posts by: Ana Garrido

Originally posted by @Upen Patel:

@Ana Garrido As far as I would think, you can't say you have not owned a property in the last 3 yrs, which is a test for 1st time home buyer.

But that might be irrelevant depending on the loan and your specific circumstance. If you are looking to house hack, then likely you are going to buy a multi unit. Which would point towards a FHA (3.5%) or Freddie HomePossible (5%) down loan. For both of those there is no benefit as a 1st time home buyer.

There are lots of moving parts. You should speak with a competent mortgage banker.

Hi @Upen Patel

Thanks for replying. The program is NACA, and we are pre-qualified for a duplex, ARV 180k. it is like grant program because they state that does not charge: closing fees, DP, but yes: inspection, appraisal, also the people have the option of buying down interest. But, there is something that makes me think a lot and is that they say that "the borrower must live in the property at least 3 years before to sell it, and/or for the life of the mortgage", It means that it cannot be rented and if does, they can charge a 25k liens and call the complete payment. So, FHA seems a good option except for the permanent PMI.

Originally posted by @Wayne Brooks:

Qualify with Whom, as a first time home buyer, some local loan:grant program? If so, ask them directly. For fha or conventional, “first time home buyer” doesn’t matter.

Hi @Wayne Brooks!

Thanks for replying. The program is NACA, it is like grant program because they state that does not charge: closing fees, DP, but yes: inspection, appraisal, also the people have the option of buying down interest. I followed your advice, and I already asked them, so I will keep you posted. P.S., FHA seems a good option except for the permanent PMI.

Originally posted by @Brian Adzadi:

@Ana Garrido

I am not REA or RE lawyer but,

I think you should still qualify as a first-time homebuyer because

1) The properties you will buy will be under the category of investment property according to the mortgage company, it won't be listed as owner-occupied

2) Its under an LLC, so the company owns the property not you.

3) You won't holding on to the property for too long to be considered a primary residence.

However, you should contact a local REA or expert to confirm what I just said.

 Hi @Brian Adzadi!

Thanks for replying. Your points make sense and I will point them out to the NACA mortgage counselor. Because I don't want to mess up the advances we have done within the program.

Hi @Tim Trumble ! 

I am sorry, but it looks that my doubt was misunderstood. I stated " BEFORE we buy with NACA we want to raise extra money with our savings'. So, please, let me explain again. We would live in the house that we can get through NACA. However, as part of our commercial activities and under our company we would buy-rehab-sell houses. Therefore, the doubt is if the company will own those properties for short term and we would not live in there, yet OUR names are related to the company, may this unqualify us as the first home buyer?

Many thanks in advance and excuses for insisting.

Ana Garrido

Excelente Richard, I will follow your suggestions as well. Thanks for posting them.

Hi Tim Trumble ! Is good to find you here. I hope you can help me to clarify a doubt. My husband and I are going through the NACA process, but, before we buy with NACA we want to raise extra money with our savings. So, as he works with a general contractor as handyman, we are thinking to buy a distressed house, rehab, and sell it under an LLC and in partnership with his boss. My question is: if we do this, can we still qualify for NACA?. Thanks for you time.

Hi fellows!

I have been searching information in order to clarify this doubt, but still nothing convincing.

1) Please, can you help me?. If living in PA, can I qualify as first-time homebuyer if I co-own a property through an LLC?.

I wish to know this because my husband and I have about 40k saved and we thinking to house-hack, but before we wish to flip 1 or 2 fix-upper single houses through our LLC in order to raise money and then buy a fourplex instead of a duplex to house-hack.

2) Do you think that this strategy is viable?

Many thanks for your time :)

Hi Joseph Scorese ! Definitely I will be requiring a meeting with you soon. Thanks for your kindness.

@dmitriy Thanks for your advice. I will continue listening to the podcasts and read again the guide. Regarding to post someone, it looks like the @dmitriy didn’t work with your name.