All Forum Posts by: Brooke Noth

How about a 401k loan? With the Cares Act, there is more flexibility for withdrawals and there could be an option of a penalty fee withdrawal. Definitely have them talk to their 401k servicer about options, as all are different. Or owner financing could be great too. I'd have a real estate attorney draw up a plan if you'd like to move forward that option.

Good morning Joseph! Yes, it will be a hard pull, so it can affect your credit. You do have a shopping window where you can look for the mortgage that best fits your needs. Per the CFPB, "Within a 45-day window, multiple credit checks from mortgage lenders are recorded on your credit report as a single inquiry." 

Here's some additional information from the CFPB that you may find helpful:

https://www.consumerfinance.gov/ask-cfpb/what-exactly-happens-when-a-mortgage-lender-checks-my-credit-en-2005/

Good luck on your search and let me know if I can be of further assistance. 

-Brooke

I'm happy to help! Reach out and I can help you better understand the differences. 

Hi @Dennis Osendowski ! Likely, a residential lender would not allow you to purchase both properties on the same loan, as the properties have two separate addresses, insurances and tax identifications. Also, one of those properties would be your primary and the other would be considered an investment property and with that there are different adjustments for down payment, taxes, etc.  

You might look to see if a commercial lender would allow that option, but I would imagine you'd hit the same hurdle. 

Hope this helps answer your question! 

Hi Shawn,

Are you purchasing this property as an investment property or as a home that you are house-hacking? If this is an investment property, many lenders do not allow gifts for an investment purchase.

If this is a property that you are house-hacking, most lenders allow for a gift in that case, since it's your primary residence.

Let me know if I can help with any more questions. I'm happy to help investors get started. 

Best,

Brooke

Hi @John McCurley ! Welcome to BP! That's a good question. If you are on title to the property, than that would be considered your 1st home, even if it was purchased in cash. The lender would be able to see this when searching for title. If you haven't been on title in the last 3 years on a property, you'd be considered a 1st time homebuyer. 

That being said, while the 1st time homebuyer programs are nice for purchases, there are several programs that are beneficial for multifamily house hacks and don't require that you be a 1st time homebuyer. These can include grants, FHA financing, special program conventional loans, etc.

If you haven't tried it yet, I highly recommend using COZY for rent collection. While I now use an awesome property manager, when I self managed, Cozy was super helpful. 

Depending on the services you want, it could be free to use, or a low charge if you want some of the placement items.

Hope this helps! 

Hi @Marissa Perez! Welcome to the forum. Have you thought about buying a single family home and renting out rooms to roommates? That way you can purchase owner occupied, have your roommates help pay the mortgage and not have any personal living expenses. That would help you save money for the next property, if you ever wanted to turn the first one into a rental. 

Since you have 1k in savings, I'd suggest maybe using a down payment assistance program for your first purchase. Let me know if I can help! 

Hey @Stanley Nguyen,

Both definitely have their perks, for sure. I think the best benefit is working with a national lender, but on a local level. For instance, my company is national, but I work locally in Texas.  So you get both the service from having the local person (my cell where you can call me anytime), but the ease of transferring documents in several markets (so you don't have to keep re-sending) by being under the umbrella of the larger company. Personally, I also only connect my buyers to other loan officers I've worked with or vetted myself. That way I know that they will have the same level of service on each side and aren't just being sent to someone who doesn't match with their needs. 

Picking the right lender is a tough decision, but once you have the relationship, it makes everything else in the process so much smoother. No matter who you choose to work with, make sure they have your best interests at heart and can connect you to their network of great professionals. 

Hope this helps!

Brooke

Hey James,

Are you looking at single family homes or multifamily homes? For single family homes, we can go as low as 15% down payment, but with multifamily homes you are looking at 25%. You could always house hack on a multifamily property to get into one for a much lower down payment.