All Forum Posts by: Jason Wray

Carlos,

Make sure you get a quote from an actual Bank FDIC one that is fully delegated and has little to No overlays! This will help avoid points and excessive hard costs.

Message me if you have any questions!

NY is an attorney state so if you are using a bank/lender one will be required through lender/title.

Brendan,

Just my opinion but I would stay away from ever buying a HELOC especially in a 2nd lien position. First lien positions always takes precedense as first pay position and it usually leaves the second mortgage unpaid. Beccause the first must be paid off first as the "Superior" lien the second gets the lesser amount or not paid at all. Yo also have to consider tax liens as they take precedence over junior or secondary liens.

When the home goes to short sale of foreclosure the mortgage is generally not paid in full on the first mortgage, leaving a loss.  So buying a second is very risky...

BRRR - You cannot go wrong with that type of equity. Keep obtaining doors and increase your passive income and cash flow.

USDA Rural Development Single Family Housing Guaranteed Loan Program (SFHGLP) announced

a 12-month waiver beginning 05-02-2022 for non-U.S. citizens with valid Social Security Numbers

(SSN) and work authorization, as evidenced by documentation such as an Employment Authorization

Document, Form I-766 (EAD), are temporarily eligible to apply for assistance. Lenders will continue

to utilize the Guaranteed Underwriting System (GUS) to verify acceptable citizenship or

immigration status through the Department of Homeland Security Citizenship and Immigration

Services Systematic Alien Verification for Entitlements (SAVE) program.

Just Apply for the loan and get your pre-approval.  Reach out if you have any questions.

Hi Kristin,

I am actually here in Florida on the Gulf Beach side of Pinellas County.  Take a look at some properties around this area on or around the beach side.  You have some great options in Seminole, Largo, and out by the intercoastal.  We have a lot of condo-tels and smaller beach cottage style homes that are alwasy booked year round.

Feel free to reach out if you want to Network.

You just need to look into a DSCR loan program which will use the rents not the personal income. These programs as easy and a fast way to obtain REI!

Depening on how many units is where you will have the biggest challenge. Anythig 5+ is commerical and can also be done as Non/QM. If it's a (2-4 Unit) it's a walk in the park and just a simple DSCR with 20% down.

Festus,

There are a few red flags that stick out in your description.  First accross from a cemetery is a indicator that the property will continue to have a value issue on any appraisal.  You cannot move the cemetery so its never going to add value in regard to new construction or comparable sales.  Second 900 sqft is a rather small home to have to put in a large amount of renovations into just to bring current or liveable.  Thats a small GLA for a lot of time and money being spent into a not so great location.

I would take that $29K and use it as a down payment on a home that may be in a better location and not need as much renovations.  You can buy a vacant lot for less and just place a brand new mobile home/modular that is turn key.

Need 100% financing for a new primary home up to $1-Million Dollars? As an FDIC Banker I have a Medical program that offer 100% financing up to $1Million dollars for all Doctor's, Physician Assistants, Veterinarians, Nurse Prac, Optiatrist, Pharmacist, Surgeons, Pediatric, etc.

Great time to use your degree to get into a home with No money down!

Reach out and give me a call or send me a quick email!

Luke,

When the lender is underwriting the loan they will calulate the full PITI payment not just the interest only payment. They will ask for a copy of the terms and conditions and add in principal and interest based off of the full payment. Keep in mind you also cannot use any of the HELOC funds for the PITI reserves required which is typically 6 months PITI.

These are two exmples of why cash out refinance is a better way to go over the HELOC.