All Forum Posts by: Jeff Dulla

@Ellie T. the LLC is an issue from a conforming loan standpoint. You would have to close refi in your name and move it back in after to get Fannie/Freddie loan. I guess that is what I was getting at. So you are trying to not move them out of LLC to close?

@Ellie T. are you looking for just conforming loans on these? Anything odd about properties or just investment and you are worried about the number of loans you can have?

@Spencer Brett I would say it is more so your realtor's responsibility to help you find some. It depends on the location but sometimes you need to expand the typical range in which to find comps. Without crossing into other towns or other borders in which the market is drastically different. If you can find a couple four units and a few three units to compare as well, an appraiser should be able to find fair market value from a comparable standpoint. 

@Spencer Brett Not for a residential mortgage. They will use comparative analysis, which is what your current lender is fearful of. They will not use an income based approach. 

@Daniel Dietz The seller could give them a gift of equity. They would need to structure the contract properly. And potentially sign a gift letter. 

@Adam Petterson your fine. They can't charge you. It sounds like they are too busy to me. Is it a bank? I would use a mortgage banker. You can ask around a bit, talk to one of the many lenders here or PM me if you would like.

@Adam Petterson Did you give them a credit card deposit? Did they tell you they charge an application fee? If not, I don't see how they could charge you anything.

@Mark Douglas Yes you should be able to. See fha guides below:

7. Loans and Grants as Acceptable Sources of Funds

Introduction

Change Date

4155.1 5.B.7.a Collateralized Loans

This topic contains information on loans and grants as acceptable sources of funds, including

 collateralized loans who may provide collateralized loans disaster relief grants and loans, and FHLB – Homeownership Set-Aside Grant Program.

January 31, 2011

The borrower may obtain a loan for the total required investment, as long as satisfactory evidence is provided that the loan is fully secured by assets such as investment accounts or real property. These assets may include stocks, bonds, and real estate other than the property being purchased.

Certain types of loans secured against deposited funds, where repayment may be obtained through extinguishing the asset, do not require consideration of repayment for qualifying purposes. The asset securing the loan may not be included as assets to close, or otherwise considered available to the borrower. The deposited funds can be used for

 signature loans on certificates of deposit loans on the cash value of life insurance policies, or  loans secured by 401(k) accounts.

Reference: For more information on collateralized loans, see HUD 4155.1 5.B.7.b.

Continued on next page

@Brent Hayden Per Fannie - you can go to ten properties with conforming loan products. 

@Demetrius Davis @A.R. Coningsby @Frandy Blain sorry everyone. Like a lot of bank funded or bond programs, they ran out of money shortly after this post. Not much like it. Whether you agree with it or not, the big first time home buyer aimed program is now a 1% down conforming loan