All Forum Posts by: Ashley Cross

Great! We only look at the last two years. If you would like to chat more feel free to PM me. 

Do you have income or will the only income you can use to qualify be coming from the rental properties? We lend in both states but I'm much more well versed in the down payment assistance here in Ohio. 

That upfront MI is standard for FHA loans and financed into the loan. That's not a fee charged by the lender. FHA loans can be costly but the benefit is you can purchase a property for little money down.

Regarding the property taxes you’ll get a credit for a portion of that to account for when the seller owned the property. 

It is very hard to contest an appraisal without providing supporting comps. In my experience, its impossible. Can you find any duplexes that sold that are maybe a bit further out? 3 years seems like decades with this market. It is much easier to compare single families because you'll always have so many comps that support the added value. The appraiser can't just come up with a random number without having supporting evidence from comps. How much is a new roof, electrical, etc worth to a buyer of a duplex? Who knows...

Move to a new lender and quick. Even if they do respond to you today this is a testament on how your loan process will be. You don't want to be known as the buyer that can't close on time if you plan to continue to buy in that market with your agent. Maybe your agent has a contact that can help get your loan moving along quickly.

It really depends on the area. I started this way and I'm completing a Brrr now. It is more important that you truly know the area. Having boots on the ground is important. I have family that lives fairly close to the area and know a lot of people that have lived or currently live in the neighborhood. I have a great property manager that manages a lot of properties in the area so they provide a lot of insight. I also have an real estate agent that invest in the area and represents a lot of other investors that buy and sell in this area. I've found success investing a bit outside of a market that has become too hot and too expensive. That's been a gold mine for me. 

If you're planning on refinancing out of the FHA anyway I would put down 3.5%

Are you using primary loan terms to cash out your first property and also trying to purchase the 2nd home as your primary residence? In regards to having the money be gifted then waiting 2 months for seasoning that makes no sense. Why wouldn't you be able to use your own cash from the cash out refi and wait 2 months then? You are able to use debt financed by an asset for a down payment but maybe they have an internal rule that blocks that. 

You are able to have a non-occupying co-borrower for a multi-unit financed with a FHA loan if the co-borrower is a blood relative or relative by law at the max LTV. You'll be fine with your parents as co-borrowers.

Hi William! I'm a lender licensed here in Ohio and the majority of my team's business are with investors. I am also a real estate investor myself. I'm happy to chat with you and share my knowledge and experience.