All Forum Posts by: Diana Muresan

@Riggies B tang it seems that you are not looking for a loan on the conventiknal market which would limit your LTV to 75% and close under your name(you can put it under LLC after closing) which would have the best rates. The only other option is non-agency aka subprime, there is more flexibility on the LTV and income as you can do a No Ratio or Asset Depletion or Bank Statements deposits or DSC (debt service coverage)

@Susan K. we do 5% Downpayment on new construction owner occupied or 3.5 % FHA on conforming and 20% on jumbo. I am actually the lender on 10 lots my partner is selling $800k-$1.4mil in Chicago area but the spec house he had to pay it himself, things were not moving so he had to do the spec to bring some traffic in. I am not aware of any program for a spec house, I would Asume that's a line of credit of some sort but not using the spec as collateral

@Khanh Tran I assume these at w2 lenders as mortgage bankers usually don’t bother with the HELOCs so borrowers tend to walk into their retail bank. If that’s the case and if same lender, then make sure you shop around for the refi cash out since retail banks are not competitive usually. 

To summarize, if you close with same lenders, they are aware of both files and they will calculate the new total monthly debt, if you are not going with same lender then you should do the refi cash out first as the DTI (debt to income ratio) is more loose on HELOCs.

@Ben Terribile I didn't understand from your post if you currently rent or own your home. If you rent, them it's easy to show it as owner occupied, and no, no one checks on you if you ever move in or not, only VA loans might have a knock at their door from the VA office but I have lots of borrowers even on those programs and didn't move on.

And no, there is no DPA (downpayment assistance programs) on multiunits, only on 1 unit, with strings attached of course. 

You can get a MF (multifamily) on FHA with 3.5% Downpayment or FreddieMac HomePossible with 5% Downpayment San ling as your income is below your county median, and that includes your net rental you will receive from the other 2 units.

PM me if you need further assistance 

@Pamela Morrison definitely get rid of the HML loan and get a conventional one. Keep in mind you can't refi owner occupied and also purchase owner occupied. What's property are looking to purchase? The biggest loan should be intvestment, so the puchase should be owner occupied. You could close the refi and the purchase in the same time, this way you will be allowed to refi and investment and purchase as owner occupied, otherwise you will be forced to refi owner occupied and leaves you with the purchase as an investment

@Michael Almeida there are programs for borrowers with ITIN and for DACA visa as well.. Did you file taxes for the last 2 years? PM me

@Account Closed any lender can do a loan for a MF. From your post I assume you are self employed, since you’ve been SE for over 5 years, you can get a loan using only 1 year taxes, in case your net income for 2017 is not enough, you should show your 2018 drafts to your banker Before you file to make sure you show enough. Although, you will have the net rental income from the other units to be added to your income. Also, the food part about being self employed is that you can purchase a multiunit anywhere, doesn’t have to be within a decent commute from office. 

FHA require 3.5% Downpayment and Freddie Mac HomePossible allows 5% Downpayment as long as your income (including the net rental) is below your county median. The difference between those programs is that MI can be dropped on the Freddie without refinancing.

If you are to get a fixer up, you could do the renovation loan on a 203k FHA with same 3.5% Downpayment, there is also a conventional reno loan with Fannie Mae HomeStyle but downpayment differs, 5% on 1 unit, 15% on 2 units and 25% on 3-4 units.

@Kevin Means while both FHA and Fannie HomeStyle renovation loans are available for MF it's only on owner occupied, but Fannie has the renovation loan available for investment properties, 1 unit, only 15% Downpayment, keep it in mind for future projects

@Robert Leonard of course purchase residential as a 4 unit, you can still add the 5th unit and keep residential, it would be an “illegal” 5 units but buyer can still get a residential loan, only that can’t use the 5th rental for income qualifying purposes. You can also change the zoning to 5 units but would keep the original residential loan. First check the value if you change it to commercial and see if it makes sense 

@Chase Schmidt you can PM me