All Forum Posts by: Fred Sena

Hi Biggerpockets community,

I need some help in regards to this peculiar situation.
A little background info, wife and I bought or second property with a VA loan its a 4-plex in need of serious updating almost a year ago for roughly 275k loan amount of 245k
I recently finished the remodeling and we had the va appraisal done for a va cash-out which came in at 400k which us a bit low due to lack of comps in the state. 

We plan to pull out about 100k to pay off some the debt from materials for the rehab and use the remaining balance to purchase our next two properties.

The funny thing is that my loan officer stated that the underwriters were unhappy and disapprove of the use of funds being used to be additional properties and said it would be better to rewrite the letter stating we were using the funds to take a lengthy trip overseas somewhere. 

Was wondering if this is a common situation with underwriting VA cash-outs.

Thank you

Hi Jason,

Im an investor that currently has two properties. One three unit and one four that are cash flowing extremely well. The two buildings alone generate a gross income 133k per year and our expenses are about 30k per year roughly. Im looking to move into bigger commercial buildings, but lack the investors to really make it happen.

I have been able to find numerous deals that work out on paper and initial screening, but lack the capital at the moment to really do anything about it. 

The market that am Invested in is pretty unique with a lot of opportunity. If you are interested in carrying this conversation further please message me and we can exchange details. 

Also,

Are you opposed to investing outside of your local area?

Best regards

Frederick

Here is my story,

My wife and I own a three unit, multi family property purchased with a VA loan. We are in the process of purchasing another 4-unit multi family, but we are hitting issues with the lender.

Our closing has been delayed twice, two 14 day periods due to underwriting issues. The first delay was understandable as we had to have some of my wife's bank statements translated to english from Thai for our down payment source. The second time was delayed due extensive underwriting review and the UE questioning why my wife is not on the loan. 

I qualify for the loan with my income alone without her being apart of the process and to me didn’t seem necessary and wrote a letter of explanation stating that. 

We are now two days away from our third closing date and the underwriter has asked for numerous documentation in the previous days that was already in the file and had to be walked through the file by the loan processor to show hime where each piece was located. 

The UW now requested a market analysis of the rent in the area from the VA appraiser. This should have been requested weeks ago the appraisal was completed two months ago. We have been battling for this loan since February 5th. Went under contract on the February 14th.

It seems as if this UW is trying to delay this in anyway possible. He waits until the last minute on Friday to request any additional documents and waits until the following Thursday to view it. 

This an in-house UW working with a company I will not mention for now. 

My question is how would you deal with this situation? 

Im trying to save the relationship I have with the Loan officer and his team as I plan to use him again for future purchases.

Underwriter stated he will issue CTC after he has market Analysis for rent, but he has stated he would give CTC before but instead requests more documents that are already in the file. 

Hi everyone,

I have an interesting question that I cannot find the answer to anywhere on the internet. I'm looking to purchase a 4 flex in New Hampshire with a VA Loan. My question is that if I get approval from the local town and the property variances are changed would it be allowed to convert said property into a 5 or even a 6 flex without any issues arising from the VA loan lender?

Thank you