All Forum Posts by: Isamar Ochoa

@Nicholas L.

Exactly!

I just really want to keep my HELOC free for emergencies. And yes, I am hoping a lender here can let me know about those loan limits or specific programs/lenders to look into.

What might be easier and am also considering is buying 1 nice home to househack, making it my primary residence to qualify for the no/low DP. THEN doing that again, I think I’d have to live in the home for 1-2 years which would be fine.

Hi @Mike Cumbie ,

I am still exploring all of my options. 

Ideally, I would want to go in putting no money of my own using an 80/20. This way I keep my money for emergencies and avoid paying PMI. This is what I was going to do previously but on a cheaper home and am wondering if it's different for a larger loan amount (as I've heard some programs have a limit).

If I was told I had to put some money down, I'd consider it. But again, I don't know if these types of options are available for larger loan amounts (as I've heard some programs have a limit).

Thanks!

Hi @Nicholas L.

I'm hoping to do an 80/20.

I could get DP money from the equity of my property BUT I would prefer to save that money for emergencies.

@Gavin Joel arredondo Do extra research on the 203K loans. They’re an option BUT from my research they’re a pain, it’s A LOT paperwork and hard to get the money. It seemed like a type of reimbursement method . They’ll release the funds once they start to see pieces of the project complete. Most contractors won’t want to wait till you get reimbursed from the bank ...

Thanks, @Account Closed !

I am familiar with the process as this would not be my first purchase, but it would be my first purchase over $1M and understand things can be a bit different. I already have an agent and potentially a lender (someone I’ve worked with before and is currently doing my refinance) but I wanted to connect with the BP community to learn of more about what options (if any) are available.

I will get a cosigner if needed but want to learn if I can do it on my own. I have learned that with signed leases and DP the lender can count that towards the mortgage.

If there are any good articles, websites or books that you would recommend that I explore, please let me know!

East Bay @Brian Garlington

Hi BP Fam,

Just wondering if anyone can help send me the right direction. 

I'm ready to make my next home my primary residence to qualify for low DP programs (ideally 0% DP). I've heard that some programs have a price limit but don't know if $1.5M is pushing it. I would like to get an 80/20 loan to avoid paying mortgage insurance. 

I have been told that if I have a signed lease and DP then the lender will count 75% of the rent towards my monthly income. I've already played with the numbers and know that this property will cash flow even if rents drop in the Bay Area. Plus, my family will be living with me so that already covers some of the mortgage. I'm ready to househack my way to financial freedom. 

I would love to connect if anyone is in the Bay Area!

Also- YAY, this is my first post!