All Forum Posts by: Jeff Dulla

@Guillaume Fortina you pretty much summed up the best options. What specifically are you looking for beyond what those programs provide you?

@Kurt Traynor I have never heard anything like that. Is the sale of your current home a short sale or any type of derogatory credit item? That is the only time I have ever heard of a required waiting period. Even if you had an FHA loan originally (which it sounds like you don't), you could another FHA loan assuming you could show the old loan was paid off at closing (and there are other legitimate reasons you could have two FHA loans at the same time).

Nothing from your explanation above makes me think you have to wait. 

@Quandra Adams Is this for a purchase or refinance? Often lenders show their preferred title company there and you can certainly shop. What you may find is that the quote they are showing is a discounted agreement they have in place with that title company. It may very well be cheaper than what you can find out there. I would get a couple referrals and call. You could also just google title companies nearby - often the same four or five major players will show up. You can try calling a few of them and see where the figures line up. 

@Jacob Chaney with the fact that it takes up front consultation, knowledge, some time, paperwork, etc, I think we would love to charge for it.

We have been advised that we are prohibited from charging these services to the borrower. In 16+ years of existence, our company has operated under that assumption.

@Jacob Chaney As a lender I can tell you that we have operated under the assumption that the client cannot pay for the rescore. They are also expensive as heck (can’t remember what it is now but last I checked, $150 per trade line, per burea you want to rescore). So if you want to remove one item from all three, lender is smacked with $450.

I certainly cannot speak on behalf of all lenders but we eat this. We don’t increase another fee (not sure how people do that) and we don’t charge it in the rate. I am sure some lenders are not following the same path.

Hope this helps.

@Mike Lauer they will do a full appraisal and use market value but they will not let you go past your original cost, in terms of loan size, for that first six months. After the six months is up, you can go to normal cash out loan to value levels.

It’s probably worth it to do the delayed financing, get what you can before rates continue to go up and then gauge the market from there. If rates stay close, you can have the same lender do a full cash out four months or so after the delayed financing and cover your closing costs.

@Peter Hagemann What are the interest rates on the two multi units? You could cash out on both to some extent and use a combination of the cash out refinances and drawing on your current HELOCs to buy the place in cash. Commercial is a different beast and from location to location, the strength of that market differs greatly. I have heard from many commercial contacts that some of the markets are soft and couple that with rising rates, I personally would prefer to leverage my residential properties as those rates are still historically low and you can fix the rates. 

@Grace Porritt Fannie may accept one year of tax returns. It is fairly easy to find out. You need to do an accurate loan application with a lender and have them run it through Fannie Mae's automated underwriting system (called DU). That will spit out a full approval and the amount of years they will require for your specific loan. 

@Alex Meneses None that I have ever heard of. There is a reason for that.

@Alex Meneses I don't know of a conforming loan that will allow you to close in LLC whatsoever.