All Forum Posts by: Diana Muresan

@Michael Almeida on conventional market you need 2 y employment history unless you are a recent grad. Your only other option is subprime unless you find some to get on the loan and you are added to the title until you have 2 y employment history to refinance it

@Andrew Postell you are wrong again, I see lots of incorrect info you give on posts. You are probably new to the industry. Rent income calculators are standard in the industry for Conventional and for FHA, it's not "up to the lender"

@Horacio Gutierrez I can email you the Interactive income calculator used in the banking industry so you can calculate your own rental income. 

Secondly I saw your last post you mentions what if you buy a duplex with an FHA loan, be aware that on a FHA loan you are not allowed to use rental income from other properties within 100 miles radius. Also, if both units are empty, and one unit has higher rent then the other, they consider the kist expensive one as owner occupied and only allows the rental from the lower one used as the investment one.

On a multiunit, appraisal comes with with rent market addendums and that’s what the underwriter will use but if unit is already rented and let’s say has higher rent on the lease from what the appraisal shows then the lease will trump the appraisal. 

You do not need landlord experience on conventional maket, but if you buy a second multiunit and you have prior landlord experience then you are allowed to use 100% rental income and not 75% on your new multiunit purchase as along as this will be an owner occupied 

@Devin Haertling making sure I understand, you took equity out to use as Downpayment on the 6 investment rentals? So there are mortgages on this rentals? If so, keep in mind that on conventional market they allow for 10 max financed properties. 

@Jamie Malsberger you are looking for a standard loan. That min requirement per unit you were told was just the banker making things up, on conventional market , $50,000 is the minimum loan per property regardless how many units. 

PM me if you need more assistance 

@Daniel Kim are you purchasing as investment? You will need to source the funds for Downpayment on conventional market, even if you dondelayed financing 6 months later you still need to source the funds you used for the purchase. 

You can close refi and purchase the same day in 30 days if you cannot source the funds. Or other option is to purchase or as owner occupied if you can and have a gift from a relative for the 5% downonpayment. Gifts are not allowed on investment property. 

If you purchase as owner occupied then you can use rent income from uuur departure residence as well 

@Andrew Postell you are incorrect. 

1.Portfolio loans are not just commercial, we have them on residential products. These are just loans we fund and service with our own money. 

2. Next step after 10 financed properties is not commercial market!!!!! It’s the residential non-agency market which allows for 15 financed properties  

@Mary Jay yes, I would recommend you get as many MF as you can althoug keep in mind that the 10 max financed properties is when you purchase an owner occupied, when you purchase is investment that numbers is even lower, depends on the lender 6-8

@Carson Belknap you don’t need 2 years employment history if you are a recent graduate and you don’t have a gap of 6 months or more after graduating as long as you work in the same area as your major. 

As far as your current employment, will your employer be willing to say on your VOE (verification of employment) they is More  likely they will keep you?

@Justin R. the 75% LTV you were told is for rate & term and not cash out, very different programs

@Garry F. what you said it’s incorrect. All conventional lenders have the same rental income guidelines as they follow Fannie and Freddie. 

@Sarah Lorenz if you purchase 1 unit as owner occupied there is no rental income that can be used for qualifying purposes, however if you purchase it before you sell your departure residence then you are allowed to use rental income from the departure residence, you will need a lease that starts after closing, some lenders might require to see the rent deposit check in your account. 

If you purchase a MF (multi family) then yes, the net rent on the other units is added to your income. 

FHA is the only program that will not allow rental income from departure residence to be used if is within 100 miles radius from your new purchase

@Adam Stroik hmm, I've never heard of such thing and I close dozens of MF per year. Matter a fact it's very hard to get an ARM for investment properties and even more so for a fourplex. The standard program is 75% LTV on both Fannie and Freddie on a 30 y fix program. WI is no different than other states...