All Forum Posts by: Diana Muresan

@Pete M. Verus is a subprime lender, are you trying to stay on the subprime market or conventional? What is exactly your scenario?

@Patricia Steiner totally incorrect, I don't understand how can you give financial advise as a real estate agent?

@David Choe do you currently have a credit score? If so, you just go on conventional market on Fannie or Freddie under US Citizen Abroad, same rates as you would live here. Your first property can be second home with 10% downpayment and the following purchases will be investment with 20% downpayment on 1 unit and 25% downpayment on 1-4 units. 

@Jonathan B. why do think you need a portfolio loan and not a conventional or non-agency? I do portfolio, I just want to make sure that you are looking at the best scenario. What is the value and current balance and how much cash out do you need? What type of property is it? How many years have you been self employed? Have you filed 2018 yet? How many financed properties do you have?

@Account Closed First of all who is the lender? Since this is an inv property and loan is below $50K I doubt this is a conventional loan. I do lots of loans in FL and condo purchases can be a mess. No bank can request a condo questionnaire in the pre-approval process, HOAs charge for the quest, anywhere from $75-$300, its possible your banker wants to know if this building is warrantable, more like is not, at this price range often more than half of the units are rentals and that makes the building non-warrantable, there is no need for a condo quest to find that out, the seller's realtor needs to disclose (make sure is in writing) what is the percentage of investor units. I only request the budget when downpayment is 5% because Fannie and Freddie require a full condo quest where it shows if the HOA contributes 10% towards their reserves, it is only on 10% downpayment and up that only a limited review condo quest is required and the reserve question is not listed there

@Shaun Weekes you are incorrect, on conventional market guidelines are the same, borrower needs 6 months reserves for investment properties and 2 months for second homes.

@Philip Johnson if your DTI is 48% you only need to lower a bit your deductions you take on rent. The good part is that you only need 1 year of Sch E so if you didn't file yet thats great, make sure a banker sees your drafts before you file. Also keep in mind that if you purchase another investment property, it already comes with rental income, your overall DTI cannot be over 45% on conventional market. I can send you the rental income calc sheet banks use, that will help your CPA to understand how we calculate rental income

@Shaun Weekes you are incorrect, on conventional market guidelines are the same, borrower needs 6 months reserves for investment properties and 2 months for second homes.

@Philip Johnson if your DTI is 48% you only need to lower a bit your deductions you take on rent. The good part is that you only need 1 year of Sch E so if you didn't file yet thats great, make sure a banker sees your drafts before you file. Also keep in mind that if you purchase another investment property, it already comes with rental income, your overall DTI cannot be over 45% on conventional market. I can send you the rental income calc sheet banks use, that will help your CPA to understand how we calculate rental income

@Saira Ahmed on a regular refinance cash out and not a heloc you could expect a 5.125% for a 30 y fix, no origination or discounts. Closing costs apron $1100-$1700 lender fee (underwriting & processing), $450-$650 for appraisal (including the rent schedule) and $800-$1500 title (pending in what state you are). Escrow is optional since you are below 80% LTV

@Viggo Olovson I do foreign loans in all 50 states, but not renovation loans. Properties will need to pass the appraisal and I don’t take anything under $300k loan

@Terah Rubin you can easily do a renovation loan, either owner occupied with 3.5% down on a 203k FHA or 15% down on Fannie for investment property

@Crystal Fogg if you are using finance, yes, I would a realtor and an attorney. Are you don’t a renovation loan or are you using journey own funds?