All Forum Posts by: Harjeet Bhatti

@ Ajay Malhotra Mostly wholesale like to work in cash deals. You can cash out whenever the property is ready after rehab under delayed financing exception. You are planning to cash out lower loan amount so HELOC would be good option for you because you have minimum closing cost or no closing cost option available.

@ Shamore Battle 203k is good program for rehab work but can't be combined with DPA program. Three are some programs which area specific which can benefit to first time home buyer but those program goes up to 2 units max.

@Bret Kennedy Fannie Mae guidelines :-

@Bret Kennedy You can't refinance under LLC but can refinance on your name under conventional loan. Its same guidelines when you refinance under your name.

@Derrick James You can cash out after 6 month under conventional lending although there are other options available under portfolio product.  

@Zac Vaughan Mostly homes need rehab work regular FHA home loan won't work on those properties. Make sure your lender offer 203k unless you are bidding with cash.

@Darvis Lee 12 month proof of payment history will help you lower your DTI. Most of the lenders do accept that proof.

@Scott Anthony  Due to DPA program no lender will be approve you under HSA program. 203K is good option in this kind of market. You may know already DPA program takes more time to close than conventional lending. 

@Jerry Shipman Most of  lenders won't offer loan in middle of construction.

@Keith B You can ask for other option 1st  loan at confirming loan limit and 2nd loan.   I don't know what is your loan amount  so don't know if that will make sense to keep two loans. Try to run both scenario with your lender  and see if it makes difference.