All Forum Posts by: Bradley Padula

I provide shades in all windows but never blinds. Sounds like a headache between complaints of the color/style, additional cost, having to replace them between tenants if they get damaged or worn. Home Depot and Lowes sell inexpensive shades that fit standard windows and also cut to fit shades to custom sizes for free. You're talking under $10 per window 

Generally, yes as long as your DTI works and you move into the 2nd property. All owner occ loans I've seen have the 12 month occupancy requirement. Keep in mind, when you go to get your the 2nd conventional owner occ loan, your "old" primary residence that you will turn into a rental the PITI mortage payment becomes a liability on your DTI calc and the rent payments from tenants becomes an asset. I've seen a few approaches lenders take with this. Some take 75% of the rent and include it was income to give a vacancy buffer. Some take Schedule E from your tax return and calculate it that way. In that case if you write off a bunch of repairs rehab and expenses it may hurt your DTI and make the house look unprofitable. You should take to multiple lenders and see how the approach differs between banks and what is consistent between the banks

Also - Most banks will require an executed lease on the "old" primary residence turned rental to prove it's rented out or going to be rented out by a certain date before you can close on your new 2nd primary residence loan. 

@Anthony Sgro that is tough with such few comps. I'm sure nothing new for local appraisers, would be interested how they end up pulling comps/valuing it (ex. will they value it as two separate houses, one big house, etc) Best of luck with the appraisal and the refi!!

If you don't have access to MLS, go to redfin, filter on recently sold, type in your zip code, search and then adjust sold within last "month, 3 months, year" etc. You'll get a good sense of what is selling near your property, how long ago it sold, and you can see how it compares in terms of units, beds, baths etc to yours

Call other banks and other credit unions. Each has their own set of offerings. The one you're talking too must have limited set of options

I'd do conventional if its a single family (5% down generally) and save the FHA loan for a 2-4 unit property. FHA allows you to do as little as 3.5% down on a 1-4 unit building. Versus conventional on a 2 unit is around 15% minimum down. That is why FHA loans are so powerful for 2-4 unit buildings

There are owner occupant loans where the 5% down payment is an option for conventional. Or there is conventional loan for an investment property, where the occupancy requirement for X number of months (that you see on owner occ loans) drops off because the property is an investment to be occupied by tenants but the downpayment needed can range from 15-25% and the interest rates are higher

If you pay off your FHA loan or refi into conventional, you no longer have an FHA Loan. You could then get an FHA loan on a new property. I wouldn't think of it as a 2nd, 3rd, etc fha loans. When you pay off or refi an fha to conventional, you re-open the FHA option again as a loan option. You should talk to lender(s)

Originally posted by @Jonathan Feliciano:

@Wayne Brooks

So if I'm understanding you correctly, so long as i payback in full my fha loan or refinance it into a conventional mortgage, i can get a second FHA loan?

Is there a limit as to how many times I can do this?

An additional requirement that may also apply to those mentioned above is if the reason used for the 2nd fha loan is due to an increase in family size/existing property doesn't meet family needs is having a 75% LTV on the existing property with the fha loan or paid down to that amount, based on the existing loan amount and an appraisal

@Luan Oliveira thanks!

@Luan Oliveira congrats on your purchase! I see your in RI and I'm local right over in MA, mind sharing what lender you used? I'm always looking to make new lender connections