All Forum Posts by: Diana Muresan

@Kevin Ryan I can’t help with the realtor, I can help with financing questions

@Dominic Frasca are you doing a renovation loan or are you planning to use cash?

@Bradley Bismark could you please share with us so we are aware who is lurking around. 

@Daniel Alvarez I just read your post again, I didn't realized this is a refi and not a purchase, but you didn't specify, is this a cash out or rate & term? What kind of property? MF, SFR, condo?

@Matt P. pre-penalty is not allowed on conventional market, you can refi or sell after the renovation. Otherwise you would not be allowed to refinance either, correct? Bankers can loose their commission if a borrower doesn't make at least 4 payments, but legally you cannot enforce that, you can only hope borrower will not refi or sell before that. That goes on all purchases, not just reno loans. A borrower is free to refinance 1 day after the closing, not ideally for us of course, but they can

@Edwin Mora all loans on conventional, government or subprime market takes DTI as part of the factors in qualifying

@Joshua McGowan on conventional market value is established by sales comparison 

@Anager Reynoso that’s incorrect. You can purchase an INV property without owning other properties, some lenders have overlays that don’t allow first time homebuyers on INV but not most of the lenders. 

@Edwin Mora you can do it as owner occupied, you are free so sell after the reno, you can also do it with partners as an investment with 15% down 

@Tony Karns Uggr, that’s devastating, I am so sorry to hear about your loss, I can’t imagine what you went thru. Your nephews are fortunate to have you in their life. 

In regards to the refi, is your wife on the loan or title? It’s easy to refi under anyone’s name as long as is rate&term, but you need cash out, so you wife would ideally be on title, though it’s easy to add her. Let me check if cash out is ok if she is not on loan. 

@Jill Tate Anderson plan 1, seller changes the zoning to a fourplex so you can do a fourplex (less likely), plan 2, you get one owner occupied and second as investment and you sort it out after the purchase 

@Curtis Linville if you can change zoning to a duplex then, yes, you can refi without seasoning as long as is rate & term. So if you purchase one unit OO at 95% LTV with Freddie and the other unit as INV at 80% LTV, you can technically refi fha but it will cost you quite a bit with 2 set of purchase closing costs, then refi and having a 1.75% UPFMI (up front mortgage ins) rolled into the loan and then eventually you will need to refi again in order to cancel the MI, so there goes another refi. Make sure it makes sense financially