All Forum Posts by: Diana Muresan

@Ricardo S. I had situations like that, sometimes seller's agent agreed to provide month to month lease.

@Seth Williams that's not correct, either unit is vacant or lease is up within 60 days of closing

@Kevin Marcucio if this is owner occupied you can do a DPA (downpayment assistance program) 

@Michael Hastings you mixed the programs, I was referring to Fannie HomeStyle renovation loans and you are referring to standard purchases on Freddie. 

The reno loan with Fannie for owner occupied is 95% LTV on a SFR, 85% ltv on duplex and 75% on 3-4 units. For investment is 85% LtV on SFR only, MF are not allowed.

On the MF owner occupied I always do 203k fha

@Esther Shpak less than 1% of us, bankers, are certified in 203k FHA and FannieMae HomeStyle renovation loans. Just that people are not aware of the red carpet of conventional renovation loans

@Cole Farrell you can’t call FreddieMac. All conventional market is backed up by Fannie and Freddie. You miss understood. All conventional loans from all banks are Fannie and Freddie and each bank might have other overlays on top

@Esther Shpak for the flips you could consider FannieMae HomeStyle renovation loans for investment properties, only 15% down and no pre-pays, you can also roll in the mortgage payments into the loan during the renovation 

@Donald Gardner I can assist you with finance questions 

@Ryan Kelly 2/3 of my borrowers are SE (self employed). Have you been SE for 5 y? Then you can use only 1 y of tax returns. Also, you get 25 cents per mile, so make sure you check your odometer and have your miles on your Sch C. The good part about buying MF is that 75% of the rent from the other units is added back to your income so that helps with your DTI (debt to income ratio). Have you filed your 2018 yet? If not, make sure a mortgage banker reviews your drafts before you file to make sure you have enough net income.

It is challenging to get Heloc on an investment property, being a MF makes it even more difficult. Also, not wise to do a heloc on an inv MF. 

Conventional cash out is 70% LTV on inv MF cash out, you supposed to do the refi as owner occupied before you left, that allowed for 75% ltv and lower rate

@Cole Farrell FreddieMac HomePossible allows for 5% downpayment on a MF, seller concession is when you build part or all closing costs as seller credit, FHA allows max 6% seller credit and conventional allows for 3% max seller credit. Lets say you find a MF for $350K and you agree with seller on final price at $340K, you then ask to increase the price back to $350K and use the $10K for the closing costs