All Forum Posts by: Elise Marquette

Congratulations on the new job!

Lenders will look at your paystubs and W2s for proof of income. How long have you been in the field? As a rule of thumb, lenders like to see you be in the field full time for about 2 years

Will this be a property that you intend on occupying?

With delayed financing you can get up to 80% of the purchase price. I'm assuming this is an investment SFH? If so, the property must appraise in order to support the 75% LTV. For example, if you paid 100K and you want to get 80K out, the property must appraise at $106,667 in order to receive the maximum amount.

If you were to wait the 6 months seasoning, then you can get out the full 75% LTV based on the ARV.

Sure, it's all about finding the right deal. You may want to look into the FHA 203K loan. It's FHA's version of a renovation loan. The financing is based on the ARV so it may not always be a home run BRRRR but sometimes it ends up appraising for much more than anticipated. In many markets property appreciation is through the roof too, so that helps you out.

@Jacob Bohrer you’re welcome! Let me know if you have any other financing questions 😊

@Jacob Bohrer 15% down

Yes, this can very likely impact how much you're approved for (depending on the loan type of course). I'd recommend filling out another application-your lender should be able to merge the application and order a credit report with just your partners information to add to the file

FHA appraisal standards are more rigorous than other loan types. Your lender has nothing to do with that and changing brokers won't change the fact that if you purchase the property FHA, you'll still have to get an FHA appraisal on it.

I'd advocate for the cash out refinance to save yourself the closing costs and get on a fixed interest rate. Depending on your current rate and how much you're looking to take out, you may even be able to lower your rate with as low as rates are right now

Are you asking if your existing mortgages will disqualify you for a USDA loan because they are multifamily properties? As long as your debt to income ratio works and you do not exceed the maximum allowable household income for your county, you're fine. If you're wanting to buy a multifamily property on a USDA loan, that's a no go. USDA will only allow single family homes