All Forum Posts by: Diana Muresan

@Mary Jay the consensus is that FEDs might raise the rates 1-2 times next year before it stops. No one can read in the stars, but yes, from what I hear from the financial advisors,  it's expected that the big economies will slow down a bit next year,

@Phillip Massey ah, I see, it costs you more but it takes less time and involvement. 

@Phillip Massey ahh, I see. I am curious, why would take commercial loans and not conventional where terms are much better? Same for the renovation loans, HomeStyle FannieMae has renovation loans on investment purchases with only 15% Downpayment that includes the Reno costs plus you don’t need to make mortgage payments during the renovation, you can roll up to 6 months of mortgage payments, after renovation you can either sell or refinance as there is no pre-pay penalty 

Need to add that the 1mm min loan on FreddieMac on the 5-75 units LTV is higher. I have 80% LTV with rate starting at 5% and is not based on FICO score

@Brian Stevens it's really a question of investing styles and I try to steer clear from sharing my pearls of wisdom as my investment strategies are personal to what I would do, I Watch my borrowers and they all have different strategies, some conservative, some aggressive and some in the middle. Sometimes I have a borrower who would do all at the same time, I would refi a property to either pull out cash or just to take it out of a VA or FHA loan only to invest in another MF and at the same time flipping an investment property with a renovation loan. The only thing we know for fact is that will cost you about double to refinance, now that that's establish, it's really your decision how you want to proceed.

@Jason Graves I close in all 50 states, we are a rare breed of a federally charted mortgage company, usually only retail banks are, the rest are state licensed. We have 24 lenders in the house and we are a bank ourselves with conventional loans, also portfolio, new construction, renovation for both owner occupied and investment, foreign nationals purchasing in US, jumbo, non-agency (alternative income), FHA, VA, USDA, commercial 5-75 units, basically I am a one stop for all :-)

@Kenneth Garrett yes I am familiar with the  MF on both residential and commercial side, I am the one providing these loans, I am a mortgage banker :-)

Your only option is non-agency loans but even there the options are No Ratio ( you still need 2 y work history),  Asset Depletion ( if you have hundreds of thousands in assets) and DSC (debt service coverage) where 90% of the rent needs to cover the Total mortgage payment (tax and ins included) the latter one is only for investment properties but they will not allow a first time homebuyer on an investment purchase. 

If you don’t currently own residential MF, i would not jump into a commercial loan, also you might not qualify. You can get your first MF (4 units max) with min downpayment, 3.5% down payment or 5% down on FreddieMac HomePossible. On commercial market your downpayment will be 20-25%, you will also need to have the same net worth as the loan amount, plus rate is an arm or ballon and closing costs much higher 

@Mark Douglas only FHA loan at a time. How much equity do you have in your current MF? You didn't mention if you currently reside in the property and how long you had the FHA loan. What is the value and what is the mortgage?

Few pop took here, though I can Taylor more once you clarify the questions above. You can refi cash out if you reside there for at least 12 mo and purchase another owner occupied on conventional FreddieMac HomePossible with 5% Downpayment if your income is below your county median including the net income, of course you will need to convince an underwriter this is an owner occupied purchase. If you don't currently reside in the MF it will be tough to get an another owner occupied loan on either FHA or conventional. Other option is to refinance conventional and get rid of your MI which is pretty high at 0.8-0.85% based on your initial downpayment, really depends on how much equity you have. You can refi OO (owner occupied) at 80% LTV and purchase the next MF with FHA, only caveat here is that you cannot do 2 owner occupied purchases within 12 months with the same lender, divide and conquer. I do lots of multiunits and do-host seminars as well, I tell buyer that ideally is to purchase first MF conventional with 5% down and the second one as FHA since you don't need to redo the first one also you can get rid of the MI without refinancing.