All Forum Posts by: Chris Maurice

Me too! Send me a PM. 

@Jian Guan I agree with you to some degree. My point would be that I can either put little into a deal and keep a nice cash reserve or put much into a deal and have little cash reserve. Assuming income dollar amount remains fixed, as the amount invested decreases the ROI (CoC) increase, which is what investors are looking for. The best position in my mind is to have little money in a deal, obtain higher ROI as a percentage, and maintain high cash reserves.

Also, they offer a “sweat equity” program to get downpayment assistance. Does anyone know what this means and what the requirements would be? Not sure if it’s feasible, but seems interesting.

So after talking with the Lender (JG Wentworth — does anyone have any experience with working with them), he said that Home Possible should be possible to do and that they opened the rules up to allow multi-unit, which I suppose wasn’t the case when the program began.

It appears that one huge benefit of Home Possible over FHA is that the MI is lower (.45% compared to .85%) and there is no up front mortgage insurance of 1.75% of purchase cost as with the FHA. For property prices that I'm looking at, this would be an additional $6000 to either have at closing or lump into the loan—in my area where deals are very hard to come by and margins are slim this could make or break a deal.

@Ana Coello are there advantages to the HomeStyle over the HomePossible?

@Wesley Whitehead income limits depend on the address of the property. You can search income limit map here: http://www.freddiemac.com/homepossible/eligibility.html

@Kenneth Cowan yea I spoke with my potential lender today and it looks far less expensive long term than an FHA. Also, we can do 5%, so this looks like the route we will take.

@Henry Lazerow perfect, I’m right on the cusp of the income limit it appears. Should be interesting, but it may be an option still on the table. I will have to talk to some more lenders in my area.

@Tim Kaminski awesome! How did you find the lender haha? The handful that I have talked to say they can’t. Maybe I’m searching in the wrong genre of lenders.

@Avery Heilbron ok interesting, I will talk to a lender about this as an option.

Is the 5% conventional a myth then on a multi-unit?