All Forum Posts by: Diana Muresan

@Trush A. How many properties do you currently own? Also, do you rehab them as well? Is there a reason why you are not going on the conventional market? Downpayment is 20% for 1 unit and 25% for 2-4 units. Also, with Fannie you can do renovation loans on investment I unit, only 15% down and that includes your renovation costs, no pre-pay, you can refi or sell after renovation

@John Gach you need 2 years employment on conventional market unless you are a recent grad. You have 2 options, you either wait for 2 years of employment and yes, the banker should review your drafts before you file or you can go with a non-agency program, DSC (debt service coverage) for investment property, however you cannot be a 1st time homebuyer on this program, you need to currently own your current home or other property

@Patrick Mortenson just because county has assessed an increase in your property doesn't mean your value is there. Before you pay for the appraisal, have a realtor look at comps to see if value is there, you need 3 sold comps in the last 6 months, if comps support new value then go ahead and order appraisal. If paying for 2 appraisals is a stretch, I would be very conservative on your next endeavor on getting a Heloc which is a risky product

@Blanca Schneider could you give more details? Do you have employement or child support is the only income you are receiving? VA loans do require to show child support deposits for 3 months but otherwise, on the conventional market we only need the Court Order showing continuance for the next 3 years. We calculate child support by 125%, so you are receiving $2069 child support per month.

PM me if you need further assistance

@Tyler Harrel yes, this is a vast topic, though if this is your first purchase it will be a bit easier. I would get a MF as owner occupied on Freddie if possible with 5% down, your income needs to be below your county median and you purchase your second MF as FHA. If your income is above your county median then you go FHA on your 1st MF. You will need 2-3 months reserves on a 2-4 units, we use 75% net rental income from the units (excluding the one that's owner occupied). You can build your closing costs as a seller concession. if you are SE (self employed) you have more freedom choosing the location, if you are W2 it will have to be within a reasonable commute.....there is a lot to cover really, you can PM me or just post some specific questions as there are thousands of pages on guidelines that we cannot shrink in a short post

@James Canoy I would start with residential up to 4 units just to wet your feet and figure out from there if you wish to enter the commercial world

Is this residential up to 4 units? If so you could also refinance as long as there is no cash out, lower closing costs than a standard purchase

@Isaiah Elysee could you please be more specific? How many units, value, etc? 5+ is commercial and you will need at least 20% down plus you will need to show net worth equal to loan amount. Ideally is to own residential MF before you make the leap of faith into the commercial world

@Christopher Lane I would aim for the MF not the SFR. Divide and conquer, get a MF as owner occupied in your area with 3.5% down FHA or possible Freddie 5% down if your income is below you county median. You can also do a reno loan on the FHA and refi or sell after the rehab.

You will need your 401K to show reserves after closing

@Jacob George Lada I would do conventional financing for best terms. You can purchase your 1st MF as owner occupied with 3.5% or 5% down, pending on how is this property from where you live if you are W2 paid and keep the funds for the 2nd one as INV as you will need 25% down and go from there