All Forum Posts by: Scott Miller

Is this an owner occupied or investment transaction? Purchase or refinance?

There are still SISA and SIVA programs for owner occupied transactions that allow up to 90 LTV assuming that your mid score is above 680---you would need a 720 FICO to do the same for an investment property...

Regards,

Scott Miller

Wellsman,

The OP is looking to rehab and flip which would indicate that he/she is an investor---FHA only accomodates primary residence-owner occupied transactions.

Regards,

Scott Miller

P.S. I offer the FHA program you are referring to and you are right, it is top shelf...

Try going FHA, I can get you very good rates and its not hard money.

Personal credit is very relevant for residential investments (1-4 units) and less relevant for commercial investments (but still a factor a lot of lenders).

Regards,

Scott Miller

A couple issues that you will need to take into account when taking this approach:

1. Title seasoning refinancing on the cash out refinance (not an issue if you can secure Agency approval).
2. Refinancing in a LLC (there aren't many lenders willing to do this---might have to quit claim it out for the purposes of the refinance).

Regards,

Scott Miller

TC,

It would be considered a cash out refinance whether their is a lien in place or not...

Regards,

Scott Miller

I offer no title seasoning refi's out of rehab loans all the time---if you want to go STATED/VERIFIED, you will need mid FICO of 720 and will be capped at 75 LTV...

Regards,

Scott Miller

Here are some ideas:

1. Offer a lower then market rental rate in exchange for a multi-year leasing committment.
2. Prospect at neighboring competing properties for new tenants (find out what the terms/conditions of their lease is and give them a better deal to come to your property).

Regards,

Scott Miller

Get the skinnie on your contractor before you hire them by visiting:

angieslist

Regards,

Scott Miller

Is your deliquency due to a ARM adjustment? You should speak to a FHA Secure specialist to transition you into a FHA loan.

If not, what your current mortgage amount + payments in arrears vs. property value?

You will need a foreclosure bailout loan (most often a hard money lender) and you can expect a high interest rate/low LTV arrangement at best.

I maybe able to assist you, but I need more info...

Regards,

Scott Miller

In most cases, HML payments are based upon I/O only---the average maturity for a HML is 6-12 months (with extensions allowed).

HMLs serve a purpose (particularly in rehab projects) and the best way to address your concerns with rates/terms is to build the cost of borrowing into your budget.

Regards,

Scott Miller