All Forum Posts by: Diana Muresan

@Kimberly Walton if you are looking at multiunits, I know a realtor who is specialized in them. She has closed on hundreds and she also builds them 

@Derek Daun so I see you have allmost 1 million in real estate and you need $200k out, you will have $650k in mortgages and only about $350k in equity. You will need net worth equal to your commercial loan amount plus you will need 6 months reserves on your current investment properties and 9-12 months on the subject properties. 

@Mahauijue Mack correct. Just not sure the market you will be in to accrue equity that fast as LTV for cash out refi is 75%

So for example you  find a house for $100k that needs $50k repairs, total purchase price is acquisition plus renovation total $150k. You need 15% Downpayment which is $22,500. You choose your own GC which needs to be approved and repairs are done after closing. GC bid sheet is used by the appraiser to forecast the value. The Reno money are paid directly to your GC by the title company, half the material costs at closing and 4-5 draws after. PM me for more details 

@Mahauijue Mack depends what is the refinance for, for rate & term you can refi anytime, for cash out is yiu need 6 mo seasoning in order to use the new appraised value. Are you planning to rehab the place? In that case you are better off to do a renovation loan with FannieMae HomeStyle, it’s only 5% Downpayment for owner occupied and 15% Downpayment for investment properties. You can roll in your closing costs as a seller concession and you can also roll in your mortgage payments into your loan during the renovation of property is inhabitable. You can refi or sell after the Reno, there is no pre-pay penalty 

@Sam B. unless lender is FannieMae or FreddieMac direct, yes, I don’t know any conventional lender that will go below $50k as you run into HPML issues. 

@Clifford Laguerre correct 

@Clifford Laguerre let me clarify. If you qualify for an owner occupied purchase, no one check on yiu if you moved in. More importantly on the renovation loans and I do a lots of them is that you can roll in up to 6 months of the mortgage payments during the renovation of property is not inhabitable, so technically is owner occupied but you can’t live in it during the repairs. You can sell or refi after the Reno, pre-pay penalty is not allowed on conventional market, you can sell it anytime you want.  Less than 1% are certified in renovation loans therefore most of the advices you will hear are just opinions. 

@Daniel Soovajian regardless of how you purchase, cash or loan, lenders use the purchase price in the first 6 months, after 6 mit has yiu can use the new appraised value. 

On delayed financing by Fannie, the most important aspect is often not known by borrowers, that's the source of funds. You still need to source the funds use to purchase. Sometimes buyers think they can use mattress money and then they are shocked when they are told they need to source the funds used. And yes, LTV is lower at 75%, rate on delayed financing is similar with a purchase but the refi will have a higher rate, two very different products.

@Mahauijue Mack the 12 months waiting period is only if you are using the same lender. You can purchase another owner occupied now as long as it credible as an owner occupied. If you are to get another MF probably less likely, but a condo or a SFR would work. Also, where do you live now?

@Judy Therrien on commercial loans you will need to have net worth equal with the loan amount. I would think you will need about 30% Downpayment for that type of property, is not my area of expertise.we do have a horse farm as well though, dressage not racing. Good luck to you.