All Forum Posts by: Jason Wray

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.

Depending on the average SFR home in your area you could buy a couple of investment properties.

Joyce,

Yes, June 1976 is Oldest based on guide lines but some banks/lender will not even go that old!  Some stop after that to preserve age/value.  Unfortunately they are still viewed in many cases as a high risk property and some consider them a depreciating type of structure.  If you are getting a prime lot with that mobile you could do a hard money loan tear it down and finance a brand new mobile/manufactured home.

You are pretty much on the money there but when you say a friend renting from you do you mean renting that house and you not occupying the home? Just keep in mind there is a difference between "Owner occupied & Non-owner occupied" refinance because that would be primary home versus rental/investment which means lower LTV and higher rates....

Rule of thumb is always try to occupy the home prior to the refinance part if possible when going primary to refi to rental.

Peter,  

You can still qualify for an FHA loan as long as it is being purchased as your primary home. BUT! if you and your wife are going to be on title of that multi-family home it will be recorded in the county its in and that will show up on a title/property search. So when you go apply for an FHA mortgage until you own it over a year and file a tax return. That multifamily will be a liability and your income will be effected- meaning your DTI - debt to income ratios will be higher due to the MF's mortgage payment, taxes, & insurance.

Another words even though it is a seller held your income will have to support that MF costs and the new FHA mortgage.

Dimple

I have helped a lot of buyers close their homes in Cape Coral and every year a small portion of those buyers have to file a flood insurance claim.  Down here in Florida we do get a lot of storms and rain but its hit or miss in many cases.  I have seen some claims get denied because the owner did not elevate their personal belongings.  Best thing to do is be prepared and make sure you carry flood insurance and possibly look for an elevated property.

I would watch where you buy in that market because it has seen a high amount of inflation...

Damon, I have never heard of them but feel free to send me an email.

Mason,

There are a lot of lenders still offering HELOCS. Question, do you only want a HELOC or are you in a position where you would benefit from a cash out refinance. Unless you have an extremely low rate on your current mortgage a cash out refinance may also be a good fit?