All Forum Posts by: Jason Wray

Refinance it as a Summer Home/Second home if it is not on your Schedule E as a long term rental. You will need to use a "True Portfolio Program" where it allows up to 90% LTV & NO PMI/No Prepays.

Secondly I would get a seccondary quote for the flood.

Hi Vivi,

I would not wait because as soon as it starts to warm up here in Florida we tend to see a lot of buyer activity pick up.  Which means there was a samll dip in home sales from November through January but that will soon be over here in FL.  I would try and come in now and make an offer because there are a lot homes that rolled over from 2022.  That means there are more than a handful of stressed sellers wanting  to avoid any other dips in the market.

Yes,

You can refinance in 6 months because you have title seasoning. At that point you can convert the loan to conventional and either continue to live in it or rent it out. Once it is refinanced into a conventional loan you eliminate the 12 month seasoning requirement as it is not longer an FHA loan.

Frank,

If you are talking about a rental you can go 85% LTV refinance. If it's a Primary you can go up to 95% conventional with PMI rate and term.

In most cases to get out of a HML or privte loan you just refinance prior to the refinance you typically do renovations or repairs to increase value to be able to refi.

Robert,

Yes, absolutely there are newer programs designed that allow you to be retired and not even look at tax returns. These programs are under the DSCR, Bank Statement, Asset, and HECM. My first choice would be DSCR and you can utilize an I/O Interest only for the first 12-24 months to keep payment low and cash flow higher until you refinance.

Luther,

Nothing wrong with going the MFH- Mobile Home route as a first purchase/rental.  To answer the appraised value and continued growth it would depend on a few things.  If your buying a "Newer" Manufacured Home not more than 15 years old.  It would also depend on if there are other "Newer" MFH in the general area and will continue to be added to the local area.

The issues comes when your trying to refinance or get an appraisal and there are a shortage of recent sales in the are that are also MFH's. Usually an appraiser will not use an SFR as a comparable sale due to the property type and most SFR's are superior to MFH's.

Stay away from Upgrade!

If you and yor partners own any Real Estate I would consider looking at taking out a loan on the equity.  Cash out refinances are getting more attractive now that rates are getting a little better.

Jeff,

Check out Pinellas County, Florida our STR/AIRBNB/VRBO units are on fire. After Covid our local rental market blew up and the values are still on the rise. That being said you an still get a good deal if you pick up a fixer-upper and can do the work. Places around Largo/Seminole and up and down the Gulf Beaches are a dynamite area.

If you need any intro's let me know I am here locally.

Sawyer,

If you think it can pass an appraisal and not be "Subject to" anything major I would suggest either a Portfolio Program 15% Down or a DSCR Program which can offer a quicker closing as it is a "Lite Doc" No tax return option.

If it needs some basic renovations that can be done is 15-30 days you can always get a small renovation loan tied into the front end which can be either collateralized or Not if he has good credit.

Roy,

My advice is do not use your own money use the banks money when ever possible. 203K loans are a decent options but can be a nightmare if you are not familiar with the GC or builder. You generally need 2-3 quotes in order to get the work order and costs approved and the processing can be tough with conditions. You also have other options like doing a renovation loan combined with an FHA or Conventional loan.