All Forum Posts by: Harjeet Bhatti

@Brianne Leichliter According to guidelines if they find out you will be questioned. 

@Stephanie Lackie  Thats why shouldn't be any problem but your lender can answer this question. According to guidelines you should be able to get the loan. 

@Stephanie Lackie Your lender may have overlays internally. Fannie Mae guidelines allow to consider the income whichever is lower regular income or temporary leave income. There is another option available even though there is no income during this time but you have job. You can read all the guidelines.

B3-3.1-09: Other Sources of Income (12/04/2018).

@Nathan R. Cowger 2% max allowed in conventional loan for investment property. Its standard Fannie Mae guidelines in any State. 

@Brad Crumpton You haven't mention anywhere what was quoted initially on LE. Is this rate was locked? Yes the good option will be applied for HELOC, ask your lender how soon they can close and talk with seller about circumstances if they are ready to give you some time to close. Your interest rate will be higher in cash out when you will use HELOC to fund this deal. Calculate all your closing cost and see if this deal still make sense for your saving.

@Sunil Sharma You should have attorney who can protect your rights. Title company will be hired by seller.