All Forum Posts by: Brett Thomas

There is no reason to use that lender, 95% of lenders don't charge a fee - stay clear!

Josh - Plenty of options out there. Are you looking for conventional or DSCR? Conventional will mean you have qualifying income to support the loan (W2 or Self Employed?). DSCR is the easy way to go but come with higher rates.

There are a bunch of options available with DSCR. You will want to shop rates, and costs with these. Also there a options with NO SEASONING if that is of interest for a refi.

Yes you can. HOWEVER, FHA/HUD is 4-6 months out minimum to get these done. So if you are in contract for 30-60 days there is no way you will meet your deadline. It is unfortunate. I helped 4 buyers with this process in 2023, brutal. None of them could meet the deadline. Sad part is listing agents are advertising "FHA Assumable Loan" on MLS and they dont understand the process/timing.

Most loans that are assumable are FHA or VA loans. Both entities are 90-120 days out to execute the assumption, not much help when you have 30-60 days to execute on a contract. In your case with estate sale this could work but Wells will have to approve, and it sounds like the note is not assumable.

 Core CPI numbers report came out positive today, this will drive mortgage rates down below the 7.75% for cash out refis.

There are some commercial AG programs available for land/real estate. If you are looking for equipment financing you would need a commercial loan.

Cash out refinance is the way to go. If you have good credit and reported income, fannie and freddie/conventional would be your best option depending on how long you have owned the properties, this would be best rate, lowest cost out of pocket. 

Borrowing funds on a conventional Fannie/Freddie loan are not allowed. Some HML and DSCR will allow. But like other have suggested fannie/freddie HML and DSCR lenders will allow gift funds to be used. Hope this helps.

Jimmy - plenty of DSCR and other portfolio options to assist. Happy to discuss with you.