All Forum Posts by: Diana Muresan

@Edwin Mora can you do it as owner occupied? Then do a 203k fha renovation loan with 3.5% down or FannieMae with 5% downpayment. Build all your closing costs under seller concession 

@Allen Smith why going thru all that trouble when you can do a renovation loan ok conventional market, either FHA owner occupied with 3.5% downpayment on a 1-4 units or FannieMae HomeStyle for investment properties, 15% downpayment

@Joseph Nardiello unless you plan to buy and rehab with your one cash, you will need a job, even part time In order to obtain fiannicing. I would keep the part time job for a while, do your first couple of flips and after decide which course is best for you. After 2 years of rehabbing, you can use that as self employed income. Btw, you should consider renovation loans with Fannie HomeStyle, it’s only 15% downpayment for investment properties, much safer than putting all that cash into the purchase and Renovation 

@Julian Javier Lopez perhaps is easier if you have a specific scenario, your question is so vague and general, I can’t answer it

@Julian Javier Lopez Uggr, that super vague, could you please be more specific so I can answer. :-)

@Derek Morrison that's too vague. How many units and what is the purchase price? If is commercial under $1 million loan amount, rates will be higher and more likely full recourse, if over $1 million, you could do Freddie non-recourse, rates start at 4.35% on 5 y arm, LTV starts at 80% pending on the property class

@Adnan Dizdarevic how many properties do you own? Can you do this one as owner occupied? why would would invest yourself so much. You can do renovation loan  with FannieMae HomeStyle with only 15% down for a duplex that includes the reno, you can refi or sell after reno and you can roll in the mortgage payments during the rehab of the house is uninhabitable. You can also build 3% seller credits for closing costs. Otherwise next time keep this program in mind, it also allows investment properties, 1 unit, 15% downpayment 

@Marcus Auerbach ha ha, you crack me up. Not when you live 10 mi south of the WI border :-) and not when you get $3300 in rents on a fourplex under $200k. You just ask, where do I sign? 

@Neal Berger best loan would be the Freddie, non-recourse, as long as the loan amount is minimum $1 million 

@Darius King Davis follow all advises from @Oleg Shalumov and also adding lending stuff: you will need to show landlord experience, have same net worth as the loan amount, have reserves (9-12 months), ideally you have already experience with 2-4 units before entering the commercial world