All Forum Posts by: Diana Muresan

@John Brown how small? 

@Michael Wilson you can do your first MF as OO (owner occupied) 2-4 units, either on FHA with 3.5% down or Freddie with 5% down. You could also consider doing a 203k fha renovation loan

@Lily S. you could call a HUD inspector, although is not FHA, those guys it's all they do, just tell them you need a regulars inspection, they are very thorough. I use them on my 203k fha renovation loans

@Jean Paul Rousseau I can asssit with foreign loans questions, I am not familiar with the taxes though. 

@Colton Dudley, it doesn't make any sense, it seems to be a confusion here. That banker gave you the max conv loan limit on a 1 unit but you are looking at a fourplex. Also, downpayment on OO (owner occupied) is 3.5% on FHA or 5% on Freddie HomePossible, rate should be around 4% on FHA and 4%-4.125% on conventional, 30 y fix, no origination or discount points

@Mario Gonzalez if you buy out of state it will be investment and therefore higher downpayement. What about staying in your area and do a fixer up? you could do a renovation loan either as owner occupied with 3.5% down on 203K FHA or investment on Fannie HomeStyle with 15% down

@Au Jia if you dont currently own any MF, you should start with 2-4 units, dont worry about the 10 max financed property rule, you will not be able to have 10 MF financed properties on the conventional market, that refers to SFR, you will be able to get 6-7 MF and the last properties you will purchase will have to be OO (owner occupied). So take advantage of the low rates and closing costs before you move into the commercial world. FYI, on commercial MF, you will need to show landlord experience and have a net worth equal to the loan amount and reserves 9-12 months

@Ryan Kawash the difference between a MF within 50 mi radius from where you work and one 1000 mi away is the downpayment, unless you are self employed in which case you can purchase your first MF out of state as owner occupied, an inv MF is 25% down payment and require 6 mo reserves, if you purchase as OO (owner occupied) down payment is 3.5% on FHA and 5% on Freddie, with 2 mo reserves for a duplex and 3 mo reserves for a 3-4 units

@Cole Farrell it is irrelevant where the lender is located as more likely they are not servicing the loan. 

@Christine G. you could refi cash-out at 80% LTV, that's a $176,000 loan and you can use the proceed for a fixer up with Fannie HomeStyle, you only need 15% downpayment, lets say you find a $150K SFR that needs $50K in repairs, your purchase price will be $200K, with 15% down, that's $30K, build 3% in seller credits for closing costs and you can roll the mortgage payments during the renovation into the loan if the house is inhabitable. After the reno you can sell or refi if you plan to hold it. I can give you more info on the renovation loan if you wish