All Forum Posts by: Diana Muresan

@Brett Lee you can flip with a FannieMae HomeStyle renovation loan for 1 unit investment property, only 15% Downpayment an includes the renovation costs, you can build your 3% seller concession to cover closing costs and you don’t need to make mortgage payments during the renovation period, you can roll up to 6 months into your loan. You can refi or sell after Reno is done. 

@Alex Nelson then it sounds great. Stay where you are, only that I am confused what a confused what a conventional loan has to do with the government shut down? Perhaps it's an FHA loan and not conventional? Conventional loans are not affected by the govt been shut down

@Caleb Jordan HomeStyle is a renovation loan, it’s the only one on conventional market, delayed financing is a different program 

@Alex Nelson does that rate include origination or discount? Is it FHA or conventional? If no discount or origination points than I assume is a 1st time homebuyer program. Anyway, most bankers lie, they often quote a 1 day lock which is not feasible, you need an at least 23 days lock. I never take buyers that show around because I can't compete with lying ... most of my business comes from realtors, sometimes a client will say what amazing rate they received from a retail bank and I say great, go there. But then I receive their quote and it has origination and Discount and they are not even aware. Always look at the going rates and figure out your rate will be about 0.125%-0.25% higher as those rates published online are truly a teaser, plus the unknown of working with someone no one can recommend. More importantly these online deals are leads given to bank employees, no successful or top producer banker will sit in a cubicle working on in-house leads

@Scott Luetgenau rate should be around 5.75% on a 30 y fix 

@James Palassis to clarify, only Fannie offers delayed financing and you will need to source the funds used for purchase. If you cannot then you will need to do a regular cash out refi which you will need to wait for 6 months if you are using the new value. Of course rates are better on the delayed financing. 

Next time you could also consider doing a FannieMae HomeStyle renovation loan for investment properties, 15% Downpayment and that includes your renovation costs, also you can roll into the loan amount up to 6 months of martagess during the renovation Period. You can refi or sell after 

@Jeff Mills no need for HML when you can walk the red carpet of conventional FannieMae HomeStyle renovation loan for investment properties. Only 15% Downpayment, it includes the renovation costs and you can roll in the mortgage payments into the loan during the repairs. You can sell or refi after as no pre-pay allowed on conventional market. PM if you need further assistance

@Loni Anderson I attended an international real estate convention in Vietnam in September, I was the only banker there as very few lenders can do loans for foreign investors here in US. There are quite a few big conventions around the world, you might want to attend couple in Asia to network with people and get a feeling. We are heading to another convention in Japan end of September 

@Chris Svendsen the best rates are on FreddieMac, min $1 million loan but occupancy needs to be at 85%. Having those 4 units vacant and in need of repairs might translate into less desirable terms, though you can always refi, just double closing costs 

@Jason Harris let me know if you have questions in regards to the finances