All Forum Posts by: Jason Wray

@Nick Ruggieri

You really just need to apply and get a pre-approval that will show you exactly what you qualify for in terms of loan amount and program.  Send me an email.

Allan,

Each situation is a little different based on numbers and profit. But in general you buy a property in many cases that needs a little TLC or renovations. You renovate to create a higher value then refinance to pull out the MAX LTV to get your initial capital back. You have long term and short term holds but by building a larger portfolio you increase your total monthly rental income. When you renovate a property it also allows for a higher rent potential per month

Nick,

You would need 15% down if its a single family.  Most credit criteria requires a 640-660 Fico would you not fit into these requirements?

Kevin, It's tough because your rate is really good on the first, however you do need to refinance that VA loan into a conventional loan to free up your VA entitlement. Should you go buy another home and want to use your full VA entitlement you would need to have that refinance or paid off. If you just refinance the home into a conventional loan you could free up the VA entitlement and take cash out at the same time (cash out refinance).

The rate will not be as low as the VA rate unless you buy down the rate. Based on inflated home prices it might make sense to utilize the equity to buy that rate down especially if that is a long term rental.

The seller probably wants 25% down because the know the market is going to take a hit.  Does the price comp out based on age and condition?

Roli,

Why would you not just use a bank/lender now and buy it with less down?

Andrew,

The good thing about paint is it can always be changed to the liking of the buyer.  Paint it how you like it and if it becomes an issue luckily paint is cheap!

Sarah,

Why not do both do a Mac LTV cash out refinance with a stand alone HELOC up to 95% CLTV if your living in the unit. Same thing with the SFR investment do a Cash out refinance have the money "Liquid cash" reserves on hand to offer a more aggressive purchase power and a higher PITI reserve fund.

@Aaron Mayo Aron Have you had a chance to compare rates/fee's with another bank/lender.  If your talking  about a primary home that rate and cost is a little high if you have good credit.

Eric,

You mentioned FHA is out of the question? In Nassau, New York, Richmond & Kinds, and Bronx FHA loan limit for a Duplex (2-unit) is $1,053,00.00. There are properties in that price range I see them every day and under so hopefully that s boost in confidence. You do not need to buy so high to turn a profit so take a look at some 203K loan options as well. You also said you had $30K saved that is a good chunk of change so just keep looking and reach out if you need help.