All Forum Posts by: Daniel Hennek

The changes to the due on sale clause for conventional loans applies to all conventional loans serviced by Fannie/Freddie or serviced by any other servicer.  If it's a conventional mortgage underwritten to Fannie/Freddie guidelines then it will be serviced under Fannie/Freddie servicing guidelines which includes due on sale provisions.  

Look at your paperwork when you got the mortgages and you'll be able to tell if they're conventional loans, they probably are.  Being serviced by JP Morgan, Shellpoint, or Specialized Loan Servicing doesn't tell you if it's a conventional loan or not, just who's taking payments on the note.

So to answer your question, no the change is not "across the board" if that refers to any mortgage you can get from any lender.  But it is "across the board" for conventional loans no matter who is servicing the loan.

You can take out a HELOC for whatever reason you want. The big downside to a HELOC is always the variable rate.

You should do some math on the cash out 1st mortgage rate you'll get vs the HELOC rate because most HELOC rates are higher than conventional fixed mortgages right now. They're even higher than investment property rates. Depends on how much you owe on the current 1st mortgage, how much higher a new 1st mortgage rate would be, and does the blended rate from the current 1st and the new HELOC equal more interest than a new 1st mortgage with all of it wrapped into one loan. You'll have to make some assumptions on what the HELOC rate will stay at to come to a conclusion but it's not that difficult to get a decent picture if you pull out a pad of paper and start scratching away.

Or your best option, find a new lender!  One that can actually do the basics of their job.  Get a new lender now before you order an appraisal because that appraisal is tied to that lender and can't be moved so don't throw more money at these people who are incompetent.

What you're describing is gross incompetence...It doesn't take any lender that long to get your file to processing.  We go from application signed to processing in 24 hours, and often times get the initial underwrite back in 24-48 hours.  That means a client can submit an application on Monday and have approval by Friday of the same week.  The thing we wait on is getting the appraisal back, not simply knowing if we need one or not.  Whether or not we need an appraisal is a question answered at the outset of the process, before you even submit your file to underwriting.  You're dealing with someone or some people that are really bad at their jobs...

Definitely don't go there because that is called mortgage fraud

They could lease a shop for his work for a few months.  There are creative ways to solve the problem honestly but the sacrifice must be on their end because lenders aren't going to sacrifice for anyone.

You're saying "it's not feasible" but you really mean they don't want the inconvenience...

Is this all about her? Or are you involved?  Your use of pronouns makes it unclear.  Permanent resident is a factor.  Is she a citizen?  Are you the permanent resident or is she?  Or both?

1 year tax returns with a big down payment can get you a non-QM loan which will come with a higher rate.

Bottom line is that you will not get much information here partly because you're not clear on what exactly is going on, but also you should just talk to someone in person anyways....

Simple solution.  Get a lease in place.

Google maps or just Google search.  Search for "mortgage near zipcode" then make some quick phone calls and get on the phone with an MLO.  "Small lender" is a completely subjective term so it's hard to say.  Community banks with less than 4 or 5 branches maybe.  A broker shop with 1-5 employees...Anyone with less than 10 MLOs...

Previous appraisal and invoices good.  Thinking you know the comps, not so good...You're not an appraiser so don't try and do their job.  Real estate agents do this all the time because they think it's the same job as theirs...it's not...Giving them comps shouldn't matter one way or another if they're ethical, but if they're not you might piss them off and find less favorable results...

Giving it to you straight and blunt...

Just because you completed your required education doesn't mean you have the education to do all the things you're going to have to do to set up each massive file you're going to have. You can set up one, copy it, and then change only a few things with the right LOS but you've never used even a single LOS so what do you know about it?  

I definitely wouldn't hire you based on what you've said.  You'd be a tremendous waste of company time and resources.  You're not really there to be an MLO because you're thinking is that this is going to be another way for you to take a piece of the pie.

It's not cheap to make a seat available to a new MLO.  So while it's legally possible you're asking for a manager/owner to give you a lot, way more than you're worth to them.  The only MLOs that get to work part time already know what they're doing, they're not needing constant training, and they're only working part time because they're semi retired not because they want to work 2 other jobs.

What you're trying to do is actually pretty ridiculous.  Think about it this way.  Why does nobody in Oregon want to work with you? And you think taking an MLO commission out of the equation and putting it in your pocket sweetens the deal?  You're already not worth the time and expense as a customer but you want more out of it, at the expense of the person you're going to be bothering the whole time to tell you what to do...

DSCR loans are not hard money loans. Hard money generally refers to bridge loans and short term financing meant to be paid within 12 months. DSCR refers to a mortgage that calculates a debt service coverage ratio to determine your ability to repay based on the mortgage payment and proposed rent.

Don't look for a hard money loan unless it's an absolute last resort. DSCR will give you way better terms as Stephanie alluded to.