All Forum Posts by: Eric Veronica

Most mortgage programs will not allow seller credits to exceed closing costs or prepaids because then that credit bleed over to the down payment.  Seller paid down payments are typically frowned upon by most lenders. 

Sounds like you have a pretty solid plan.  Hopefully now you can kill two birds with one stone by lowering the rate and/or pulling out some cash.  

Some lenders might have stopped lending but there are still lenders out there who are actively lending on investment properties. Call @Chris Mason

He is a California lender that will get you financed.  

wow.... would not be surprised if we see move of this. 

@Cody Feist Are you getting this feedback from a residential loan officer? 
Sounds like you might have drawn the short stick on seven straight inquires.  Fannie/Freddie allows 30 year fixed residential financing on investment properties with 4 units or less.   This is pretty  much 101 level stuff.  Any residential loan officer should know this stuff. 

Maybe 8th times a charm?

Fine rate but that is a lot of points on an investment property.  

Hopefully you received that quote today.  The market is incredibly volatile.  

Some of the recent rate increases are due to volume control.  Most lenders arent able to keep up with the infulx of business so they are raising rates to curb new volume and/or maximize profitability. 

https://www.cnbc.com/2020/03/09/mortgage-rates-could-be-lower-but-lenders-struggling-to-keep-up-with-demand.html

check out this thread 

https://www.biggerpockets.com/forums/49/topics/610831-oh-yeah-the-due-on-sale-clause-is-now-llc-friendly-sometimes

@Eric W. its funny  how many people out there seem to know what rates are going to do over the coming days, weeks, or months. If there truly are people out there who can accurately predict rates and market movement then I can assure you they arent on Biggerpockets.  Instead they are splitting time between their beach on their private island and their 60,000 square ft mansion made out of gold.  

All these things that I am reading from market prognosticators about risks associated with Coronoavirus,  fed rate cuts, stimulus, etc may very well be true.  Very likely that those things are already priced into the market.  Any time there seems to be a consensus about market movement it tends to be wrong.  

I don't mean to be dismissive of your question but its a coin flip.  

@Keith Jefferson Seems like most lenders are on board with delayed financing.  I would simply recommend asking the loan officer if they allow delayed financing.  If the loan officer doesn't seem confident with their answer then look elsewhere.  Shouldn't be too difficult to find.