All Forum Posts by: Brendon K.

@Eva Schwartz any chance we could get some details on what you got or any recommendations you have? I'm looking to do the same thing in a few weeks.

Never heard of em! And it appears there aren't many reviews online?

I need someone who knows FHA like the back of their hand and can lead a newb through it. I tried UFCU but they have a hard limit of 2-plex when I'm trying to get a 3 or 4. The lady I talked to had no idea whether additional unit income would count towards my monthly income when you get approved, for example (apparently it does). Frost Bank doesn't do home mortgages at all apparently. Hoping to find a company that does direct lending and 100% of the servicing (cause working with a billion companies after the deal sucks) but I'm not holding my breath.

Thanks for that Max. I may still consider going that route, although I was hoping to get a lender that does all the lending and servicing themselves. My government student loans have been sold at least three times and it gets pretty tiring to have to readjust to new companies. 

300? My view is showing 24, and of course there are tons of fake reviews out there. I only found the chicago listing, but the guy said even though he's personally in virginia he services all 50 states. I'm really just looking for a good deal and the university federal credit unions out here have no idea how to talk about FHA loans with 3/4-plexes while the huge Frost Bank doesn't even do home mortgages. It's so weird

No ads for yourself please!

I was contacted by one of the loan people from this bank through BP. I'm seeing lackluster yelp reviews and really don't want to get scammed. Is this company even real? How would I tell?

So I went in to a federal credit union yesterday and I was surprised at what she was saying.

I work a 9 to 5 while saving a few grand a month and am trying to get a FHA loan. The idea is to get a 3 or 4 plex so my rent is effectively $0 or close to it. The loan officer told me that their bank didn't do anything more than duplexes and that she didn't know if or how FHA considered incomes from other units within the same purchase, ie the other half of the duplex. She also calculated my numbers and instead of the 5-8k down payment I've heard of other people getting, she quoted me 22k. This is doable but not immediately expected. I noted that she was calculating out all the closing fees (every single one) and adding them in bulk to the down payment. The bank was quoting 3.5%.

Have you guys heard of FHA not handling 3 and 4 plexes, or is that just some screwed up bank policy where this specific bank doesn't want to take the risk of 3 or 4 plexes? I'm looking at trying to get a place that's up to 400k (namely due to a BP podcast where a guy in boston said he was making median income and was approved for that much), what would you expect a down payment to be for this much? Do you know if FHA considers other units in the same property when deciding how much you can afford (assuming I'm living in one of the units)?

The first guy on the show said he earned average for a financial guy in Boston and that he saved up 3.5 percent for a FHA loan on a $383000 triplex. Overall Boston income is around 60k. I earn a bit more than average in Austin Texas but every calculator I've seen doesn't tell me I'm able to get a house that's that expensive. Was he b.s.ing or is there some kind of knowledge I have yet to learn about first mortgages?

I just want to find out if a property I'm looking at will have huge fees involved.

Screw HOAs.