All Forum Posts by: Jay Voorhees

Are you averse to doing the loan in your name and then deeding the property back to the LLC after close? That is a way that many borrowers get around the LLC restrictions.

I am a mortgage lender with 30 years of experience and I have never seen a 50-year mortgage - only 30-year, 40-year, and interest-only mortgages.  The problem with mortgages longer than 30 years is the fact they are not readily "tradeable" on the secondary market - so the rates end up being so much higher that they are often not worth getting.   Your payment might be lower if you amortize over 50 years, but not if your rate is 2% to 3% higher.   This is a similar concern I have with interest-only loans.  

Hi Chris - As an Broker in the industry for 30 years, I can say I have never minded quoting rates, even if it's multiple times a week. It's part of the job. Some of the other suggestions are great estimates (checking Bankrate or looking at general market trend on https://www.freddiemac.com/pmm...) but at the end of the day asking your LO is the only way to get a surefire quote. 

Having second and third sets of everything cannot be overstated enough. You'll be surprised how quickly linens wear out and how some disappear unexpectedly. 

I had a similar thought to Zach. It sounds like you don't have the equity to cross collateralize or cash-out, therefore your best option is to purchase a new primary residence. You would need to make the case to the underwriter as to 'why' this new home is a better primary residence for you, and you would need 12 month leases on your departing residence. 

I agree with Torrell. You'll also want to keep in mind that agency loans look at a debt-to-income ratio. If these are vacation homes but also STRs, they'll need to show on taxes for a year to account for their income when purchasing the next home. Hope this helps and good luck. 

Hi Jason - I'm very curious, what type of loan product are they offering you? 

For combination financing in general, you'll want to pay attention as to whether or not the second loan is fixed or adjustable. Also, whether or not you are making an "interest only" payment for part of the term, or if it is fully amortizing. Combination financing is a common method for reaching above the county loan limit, but as this limit is $1,867,275 in Contra Costa, it seems this is truly only for the "down payment" itself. This must be a specialized product, because conventional lending law will still require your combined loan to value ratio to be under 80 for an agency loan on a 4-unit home. 

Hi Thiag, I just messaged you privately, as I know someone who I am certain can help you.  

Investment Info:

Condo buy & hold investment.

Purchase price: $174,490

1 bed, 1 bath, 1,100 sqft

Condo currently valued at approx. $400K

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $355,000
Cash invested: $71,000

4 bed, 2.5 bath, 2,300 sqft

Home value currently estimated at approx. $1.6MM