All Forum Posts by: Jason Wray

Mickey,

Sounds like your in a good position you could take out up to 80% LTV if needed. Mortgage rates are great right now and property values are on the rise in most cases. [Solicitation Removed by Moderators]

Dustin,

Do you have enough equity in one of your properties or more to pull out some cash?  Cash out refinance to take out enough cash and possibly lower your current rate(s).

Erin,

They are back with some of us banks but they were closed due to COVID. You still have FHA 203K, Freddie Rehab and stand alone seconds for 80/20 90/10 loans.

Shahzad,

Depends on the lender/program Freddie has more than one optionss but it can be used if its a true rental and your not occupying any units they will only use 75% of the rental income. You also have teh DSCR loan program that lets you use full income with 20% down for all property types SFR and (3-4 Units).

Christopher,

Have you had a chance to take the home buyers class yet? Just wanted to remind you of how long you have to live in the home before you can sell it or refinance or take out a HELOC without having to pay off the DPA funds.... Not a great option is if your looking to sell or refi to buy more homes! 3 years is a long time....

Norbert,

Yes you or your sister can purchase a home in the US. there are Foreign National loans and investors loans that require no US tax returns just 20% down.

Dominick, 

We look at more than just Fico scores on a credit report.  Other than having a 550 Fico Mid does she have any collections or disputes that can be removed, settled for less then full balance, or "Paid for delete".  Even if you get the credit scores up she may still need to work on those other factors even recent late payments.  All of those with a higher Fico score can disqualify her for a home loan.  My advice would be to have a banker/broker/loan officer pull her full credit report and take a thorough look at everything causing the low scores.

Quick fixes for just score improvement can be having a family member or a partner add you as an "Authorized User" on a credit card with a 30-40% credit balance to credit limit ratio.  Going into her bank and having the bank give her a "Secured credit card" where she puts money into an account and they give her a card like a debit but it reports to all (3) bureaus (Not a debit).  Trying to tackle collections can be tricky like looking at the date of last activity and managing the negotiated payoffs correctly.

Banks have a system where we can run "what if simulators" and rapid rescores.  So using a banker or or loan officer who knows what they are doing can help get a disqualified 550 into a 580-620 fairly quick!

Sean,

Depending on where you buy there are some good buys and some hold off buys. We are at a high point in the roller coaster for property prices/values. That high might be ready to drop a bit in certain areas across the US due to recent COVID/Cares Act fall out. There were and still are Millions of home owners under a forbearance agreement due to loss of jobs/income. October was the start to the cut off dates and some of these homeowners do not have the means to start paying a higher payment. The CFPB came out and issued a statement that said they are not going to hold off or pause foreclosures in 2022.

That's a lot of data to speculate on but it's also enough to call that values will be forced to take a short due to recent and a larger number of foreclosures coming due. So if you wait you might get lucky and land a better deal with a higher number of foreclosures REO sales and more inventory to drive down prices. On the other hand you may lose on a good rental property that is already or has the potential to cash flow regardless of price. (Within reason). I would reach out and get a pre-approval for a mortgage and see what your options are for max loan amount and see your current rate and terms.

That’s way you’re ready and have an approval in hand and know all of your options. Working with a great real estate agent is key to help you fully understand the local market and BPO sales. There is no shortage of great real estate agents on this site!

Bobby,

There is a way you can refinance if the owner agrees to add you to title with a quit claim deed at the county clerk of court.  You would have to wait (6) full months for title seasoning and then you can apply to do a refinance and take cash out but you would have to buy out the owner or they would have to sign to agree to the cash out.

Jason,

Do you currently own any real estate Primary, second home, investments/  If Yes, you can do a cash out refinance and pull out some cash using your current home(s) equity.  This options would offer the lowest rate and best terms.  If not based on the partners portion of receivable rent or equity stake you could take out a partner buy out loan.