All Forum Posts by: Diana Muresan

@Amanda W. the quote you received is not from a conventional lender; rate is super high and so are the costs. Also, 20% down on an investment MF doesn't exist on conventional, Fannie and Freddie require 25% down, also MF can't be second home, only OO or INV. Rate should be around 5.125% on a 30 y fix with no origination or discount points

@Bobert M. option 1: you refi cash our conventional and you put property under LLC after closing. Option 2: you find dineros for a renovation loan on investment property, only 15% downpayment needed and build max seller credit which is 3% to help with closing costs

@David Taylor yes, I refinanced all renovation loans once they reach 80% equity of the borrower holds the property. The bigger the reno the faster the refi. 

@Jacob D Cockerell why do you need to go HML? Is this a rehab? Just do a renovation loan on the conventional market

@Brian G. not sure how many financed properties you own, if under 10, then try staying on the conventional market. If you plan hokding on these properties, it’s not worth going on subprime to get 5% more cash out when interest rate will be higher, you will have 1%-2% discount/origination and you get an adjustable rate

@Robert Barnes why do you need a portfolio product and not a conventional or non-agency? I do portfolio loans but those are always last resort

@Nick Causa your best bet is to refi with a renovation loan 203k fha. Refinance cost are small on a refi compared to a purchase, plus you can bump the interest rate to leave you with lender credit to cover your closing costs. You will refi anyway after the refi to get rid of the mortgage ins so it doesn’t matter if your rate is slightly higher 

@Andrew Astorga if the property needs repairs and will not meet the VA appraisal, you can do a renovation loan with a limited or standard 203k FHA renovation loan and you can refinance it as a VA once reno is done

@gaurav Srivastava you don't need a commercial loan yet, non-agency lenders allow up to 15 financed properties. There are few different alternative income programs, not sure which one applies to you, there is 12 months bank deposits average, No Ratio, Asset Depletion and DSC (debt service coverage). 80% max LTV on all

@Ed Moran could you give more details. What kind property and purchase price? Freddie has a non-recourse on 5-75 units, starting at 80% LTV, min $1 million loan amount, rates start at 4.37% on a 5 y arm, they have 7 y and 10 y arm as well on 20 or 20 y amortization