All Forum Posts by: Elise Marquette

@Robert Richardson they're a conventional loan product that determines if you are eligible by your income and the area median income. Since you're only putting 3% down, you'll have to pay more per month in PMI but they also have a pricing adjustment so your interest rate won't be as high as it would be for a typical run of the mill conventional loan with only 5% down. It's a great product if you're hoping to put as little down as possible and your income is within a certain bracket. I'm not sure if it carries other requirements about you currently owning the fha property

@Robert Richardson yes, if your new property is 100+ miles from the old one, you can purchase with 3.5% down. Another option may be to look at homeready/home possible with 3% down (credit depending). And of course, things may vary in CA

@Kara Fatty yes, the earnest money deposit shows you’re interested in the property. Typically here in Tampa Bay Area, it’s 1% of the sale price

@Robert Richardson if you move more than 100 miles away you wouldn’t even need to refinance it into conventional

@Darryl Jennings 30 day span for the credit pulls to have it all be one- but I always tell my clients that a lot of credit pulls for a mortgage may make an underwriter wonder why you’re shopping around so much and if you’re having issues getting approved. We place a huge focus on service and customizing your mortgage to fit your needs and investment goals. I’m more than happy to connect you with our LOs in your area

@Charlie MacPherson on top of all that, it can also make the lender look like they issued a loan with incorrect information and cause licensing issues for your lender

Do you want your money now or do you want your money in 15 years? That's what I ask people when they're debating 15 vs. 30 year term. Generally, if someone can afford the 15 year term, I advise them not to put the cash in the house. It's not very liquid and best case scenario (unless a VA loan), you can only get 80% LTV when you go to cash-out refi. If you have the cash on hand, then you can invest it into fixing the property, other investments with greater return, etc. Besides, does the interest really matter that much if someone else is paying the mortgage? Or do you want max cash flow every month? And how long will you keep the property? If you have an exit strategy, then again, does the extra interest really matter if your cash flow every month is increased? Definitely look into financing in all your closing costs to minimize out of pocket expenses too

Matthew, I am a lender in FL and Jumbo loans and blanket loans are two different things. The Jumbo loan is any loan amount above $510,400 for a one single unit home. Note- that loan amount changes with the amount of units. For example, a 2-unit loan limit is $653,550. So anything above those numbers per the number of units is considered a Jumbo loan. Jumbo loans usually require a manual underwrite and may require 10% down (this may vary lender to lender). Jumbo loans typically also have a higher interest rate because they are more risk and not purchased by FNMA/FHLMC. If you're going to purchase both properties at the same time, make sure your lender knows your goals so they can watch your debt to income ratio. A Blanket loan would cover multiple properties but I don't know of any residential lenders that do blanket loans.

@Waleed Abdulrab no, not unless you have prior experience in the same of similar field. In certain cases fha can go down to around a year of employment history. No underwriter will want to see someone who appears to be job hopping

@Jeffrey Bradshaw yeah it never hurts. Definitely shop your lender.