All Forum Posts by: Harjeet Bhatti

@Roger Verastegui Start with you own bank where you do banking. Most of the bankers has MLO information to introduced you to mortgage department.  You need commercial LO, business banker and private banking contact not just MLO information so you have right team for you clients.

@Cecilia Nsiah When you are shopping ask for cash out under delayed financing exception. Try to contact  MLO who are familiar with residential investment properites financing.  

@ Gregg Farrauto You have  to call lenders to get rate on investment properties.

@Toshiki Hoshino Yes guidelines from Fannie Mae:-

If retirement income is paid in the form of a distribution from a 401(k), IRA, or Keogh retirement account, determine whether the income is expected to continue for at least three years after the date of the mortgage application. In addition

• the borrower must have unrestricted access without penalty to the accounts; and
• if the assets are in the form of stocks, bonds, or mutual funds, 70% of the value (remaining after any applicable costs for the subject transaction) must be used to determine the number of distributions remaining to account for the volatile nature of these assets

@Dave K. 2 years is minimum requirement.

Yes 203K can be used for fourplex.

No as long as you making payment on time.

@ John Guider You can go in this website for down payment assistance program under IHDA

https://www.ihda.org/my-home/getting-an-ihda-loan/.  You  need to bring 1% of your own funds and can use different programs under  IHDA. There are so many other programs available in IL depend where you are planning to purchase this property.  Not all the program can be used for 2 units.

@Craig Clark The lender will count your wife income because she is already working. You can always explain the employment gap.

@Michael Gelatt The lender is going to hit your DTI with full HELOC payment but if you show business is paying HELOC they can't hit your DTI. If you transfer funds from business account to personal that's not business expense. CPA may have different thought because of guidelines so go with their advise I just answering according to mortgage point of view.

@Michael Gelatt I am giving these answers according to mortgage point of view, you have to contact your CPA for other concerns.

1 You should be paying from your business account to keep it separate.

2 You should combined both to cash out because you are refinancing any way.  But  you will face other problems because your interest rate deduction won't be available for duplex  so consult CPA.

I would rather cash out from duplex payoff HELOC and keep business separate.

@Taylor Hall HELOC is good option for short term goal like flip and rehab. You can cash out if you are going to hold the property for longer term.