All Forum Posts by: Diana Muresan

@Jonathan B. I do conventional, non-agency (sub-prime), portfolio, commercial and hard money lending, and that's the precise order I would go down with a file, your banker will review your file and structure the file and then decide which route is best for you, obviously you don't want to start with the worst terms and highest rates, the best terms start with conventional and end with HPML in the order I stated above.

@Allen Smith we are federally charted and close in all 50 states

@Jonathan B. non-agency is subprime, all mortgage companies will have few conventional lenders and few subprime lenders in the house, it’s just that subprime is manual underwriting and more work with same pay therefore bankers shy away from those products 

@Jonathan B. I hope you don’t file 2018 yet, have a banker review them to make sure you don’t deduct too much. 2/3 of my borrowers are self employed, when they have over 5 y of SEnwe just use 1 y of tax returns, we need 2 y of tax returns when less than 5y SE. 

You don't need high income when you buy an investment as it comes with rental income, your income just needs to cover your existing debt, 45% max DTI.

So first you try conventional and if income  is too low then you go non-agency, they are 4 programs for investor solutions such as 12 Months Bank Stm, Asset Depletion, No Ratio and DSC (debt service coverage)

@Matthew McNeil yes, I’ve done lots of US  Citizen Abroad, Foreign Nationals and Expats. We actually use the income docs from the country where borrower works and we do verification of employment there. We don’t need proof where payroll is deposited, we do need tax returns and finds to close need to be deposited by in a US bank 10 days before closing. 

@David Taylor you can refi when you have enough equity 

@Pete M. subprime is not portfolio, portfolio are loans are kept in the house, serviced by the lender and are private money. Subprime is just the old subprime market, just polished on the edges compared with the pre-recession crazy era. It it seems you are looking at non-agency, subprime for the loans you deceived above. Conventional has 75% LTV on cash out inv and require 6 mo seasoning.

@Account Closed you will be lucky to find any lender that will do a loan below $50k. I would take any offer to be honest. 

@allen smith yes, Fannie HomeStyle allows investment properties, 15% down, 1 unit, you can refi or sell after the reno, you can also roll the mortgage payments Into the loan amount during renovation if the house is uninhabitable. 

@Jacob G. I am in the process to bring a SBA 7a lender in the house for my ALH market (Assisted Living Homes), i am learning as well, but I have niche market and I will stick to only one product, it really depends on what kind of loan you need, they are all different based on the purpose. Your banker needs to give you a list.