All Forum Posts by: Harjeet Bhatti

@Patrick Menefee No that's not right could be some kind of overlays. You can always question to the lender why you need liquid I can withdraw anytime from my account when I need it, most of the time you will have right answer if that's their overlays. 50% DTI is not effecting interest rate yes lender do see overall scenario but that's not a factor of higher interest rate.

@Edward Bowlby Conventional lenders don't like to lend on short term mortgages like flip. There are other type of loan which can be use for short term purpose.

@Edward Bowlby If you are paying mortgage insurance (MI) you don't have to pay with new refinance. With the  new refinance current lender will be paid off whatever the current balance is on your loan and new lender will start the mortgage with $180k. 

@Edward Bowlby When you will refinance the lender will pay off current lender and rest  cash out funds will be transferred to your account. You will be able to take MI after refinance. The lender will give you all the figures.

@Patrick Menefee The lender look at the reserve because they want to see emergency funds are available. If you have reserve in form of 401k, IRA account or stock account they just care about reserve not more liquidity. According to guidelines you can go up to 50% DTI if you are staying lower that's good for your application but you will be approved at 50% DTI.

@ Joel Gierbolini  We do not have restrictions on lower loan amount as long as prosperities are in livable condition.  I think its The $30k rental club thread which you can follow for more lenders information.  

@ Joel Gierbolini There are some banks who don't have lower loan amount restrictions.  You can follow a thread on BP for lower loan amount. 

@Joel Gierbolini Yes that payment will be calculated in your DTI other than that that's acceptable source of down payment.

@Mark Millich You don't need liquid funds that can be in form of 401k or IRA account.

@Joel Gierbolini You can use HELOC for down payment. Most of the lenders will allow unless they have overlays.