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All Forum Posts by: Harjeet Bhatti

Harjeet Bhatti has started 12 posts and replied 2294 times.

Post: 203k with a Mixed Use Building

Harjeet Bhatti
Posted
  • Lender
  • Glenview IL- CDLP NMLS#230554
  • Posts 2,377
  • Votes 747

@Martin Esser You can use 203k for mix used properties. 

Post: How long would you wait to approach lender after switching jobs?

Harjeet Bhatti
Posted
  • Lender
  • Glenview IL- CDLP NMLS#230554
  • Posts 2,377
  • Votes 747

@Michael Jackman You don't have to wait you can apply any time. 

Post: Delayed Refinance not an option?

Harjeet Bhatti
Posted
  • Lender
  • Glenview IL- CDLP NMLS#230554
  • Posts 2,377
  • Votes 747
@Devin Gentry This is investment property funds can't be gifted but can be given as personal loan.

Post: Why not always go with 203K Standard or Streamline Loan?

Harjeet Bhatti
Posted
  • Lender
  • Glenview IL- CDLP NMLS#230554
  • Posts 2,377
  • Votes 747

@LaQuan Bates 203k is good product for renovation loan. Before you pick this product you should have good team like Contractor and lender who are knowledgable, can guide you throughout the process. 203k product can be used  with $100 down program.

Post: Delayed Refinance not an option?

Harjeet Bhatti
Posted
  • Lender
  • Glenview IL- CDLP NMLS#230554
  • Posts 2,377
  • Votes 747

@Devin Gentry You can cash out under delayed financing even though there is personal loan. You can cash out 70% of appraisal value or purchase price whichever is lower. 

Post: FHA 203 K Question ?

Harjeet Bhatti
Posted
  • Lender
  • Glenview IL- CDLP NMLS#230554
  • Posts 2,377
  • Votes 747

@Pedro EchevarriaThe lender will pay interest on rehab escrow funds. 

Post: FHA 203 K Question ?

Harjeet Bhatti
Posted
  • Lender
  • Glenview IL- CDLP NMLS#230554
  • Posts 2,377
  • Votes 747

@Pedro Echevarria Yes you have to move in the property within 30 days after the closing. Full PITI payment begins at close. Lender will interest on rehab escrow.

Post: What are some FHA Loans providers ?

Harjeet Bhatti
Posted
  • Lender
  • Glenview IL- CDLP NMLS#230554
  • Posts 2,377
  • Votes 747

@Ondrej Brown You can start working with your bank where you are doing banking. Most of lenders offer FHA.

Post: Cash Out Refi or HELOC

Harjeet Bhatti
Posted
  • Lender
  • Glenview IL- CDLP NMLS#230554
  • Posts 2,377
  • Votes 747
@AJ Hu Cash out would be good option if you want to hold the property for longer term otherwise HELOC is good option.

Post: FHA renovation and 60 day occupancy

Harjeet Bhatti
Posted
  • Lender
  • Glenview IL- CDLP NMLS#230554
  • Posts 2,377
  • Votes 747

@John Na Yes 60 days occupied rule applied but you can get exception depend on type of  rehab work required in the property.