All Forum Posts by: Jerry Padilla
Jerry Padilla has started 261 posts and replied 3301 times.
Post: Multiple SFH rental properties- financing question
- Lender
- Rochester, NY
- Posts 3,451
- Votes 1,419
The minimum down with conventional financing for an investment property SFR is 15% and MFR is 25%.
FHA is a great way to go if you haven't used it already..... But would be owner occupied.
@Michael Morin FHA house hacking is a great way to start....... But you can only get one FHA mortgage unless you have extenuating circumstances. Your only option would be to refinance with a conventional mortgage as an investment property as long as you have the equity in the property to do this. Then you can get another FHA owner occupied every year if you this route of refinancing.
@Max T. the 5% down for conventional is for a primary SFR only.
is absolutely correct. Underwriting will figure it out pretty quick. Don't commit fraud. How are you going to prove you are going to live in a house that is 8 hours from your job ...... That they are using to verify your employment and your ability to repay the loan?
Post: Newbie in SF Bay Area: Questions on test-run "House Hacking" in Bay Area
- Lender
- Rochester, NY
- Posts 3,451
- Votes 1,419
A couple of things......
House hacking with an FHA mortgage is a great way to get started. Here is a blog I wrote with some info on this.....
http://www.biggerpockets.com/blogs/5110/blog_posts...
Unfortunately a mobile home can't be financed with an FHA mortgage or any traditional financing methods.
Here is some more information with maximum amounts for San Jose which is considered a high cost area some mortgage ceilings are higher.
Post: Fannie Mae and Freddie Mac Increased Conforming Limits In 46 Counties For 2015
- Lender
- Rochester, NY
- Posts 3,451
- Votes 1,419
Here is a link to the website since the chart didn't post properly.
http://www.fhfa.gov/DataTools/Downloads/Documents/...
| Counties with Increases in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac Loan Limit Increases: 2014-2015(Sorted by State and County Name) | ||||||
| County Name | State | Metropolitan Area | 2014 Loan Limit (One-Unit Properties) | 2015 Loan Limit (One-Unit Properties) | Increase | |
| [1] | Monterey County | CA | SALINAS, CA | $483,000.00 | $502,550.00 | $19,550.00 |
| [2] | Napa County | CA | NAPA, CA | $592,250.00 | $615,250.00 | $23,000.00 |
| [3] | San Diego County | CA | SAN DIEGO-CARLSBAD, CA | $546,250.00 | $562,350.00 | $16,100.00 |
| [4] | Ventura County | CA | OXNARD-THOUSAND OAKS-VENTURA, CA | $598,000.00 | $603,750.00 | $5,750.00 |
| [5] | Adams County | CO | DENVER-AURORA-LAKEWOOD, CO | $417,000.00 | $424,350.00 | $7,350.00 |
| [6] | Arapahoe County | CO | DENVER-AURORA-LAKEWOOD, CO | $417,000.00 | $424,350.00 | $7,350.00 |
| [7] | Boulder County | CO | BOULDER, CO | $417,000.00 | $456,550.00 | $39,550.00 |
| [8] | Broomfield County | CO | DENVER-AURORA-LAKEWOOD, CO | $417,000.00 | $424,350.00 | $7,350.00 |
| [9] | Clear Creek County | CO | DENVER-AURORA-LAKEWOOD, CO | $417,000.00 | $424,350.00 | $7,350.00 |
| [10] | Denver County | CO | DENVER-AURORA-LAKEWOOD, CO | $417,000.00 | $424,350.00 | $7,350.00 |
| [11] | Douglas County | CO | DENVER-AURORA-LAKEWOOD, CO | $417,000.00 | $424,350.00 | $7,350.00 |
| [12] | Elbert County | CO | DENVER-AURORA-LAKEWOOD, CO | $417,000.00 | $424,350.00 | $7,350.00 |
| [13] | Gilpin County | CO | DENVER-AURORA-LAKEWOOD, CO | $417,000.00 | $424,350.00 | $7,350.00 |
| [14] | Jefferson County | CO | DENVER-AURORA-LAKEWOOD, CO | $417,000.00 | $424,350.00 | $7,350.00 |
| [15] | Park County | CO | DENVER-AURORA-LAKEWOOD, CO | $417,000.00 | $424,350.00 | $7,350.00 |
| [16] | Essex County | MA | BOSTON-CAMBRIDGE-NEWTON, MA-NH | $470,350.00 | $517,500.00 | $47,150.00 |
| [17] | Middlesex County | MA | BOSTON-CAMBRIDGE-NEWTON, MA-NH | $470,350.00 | $517,500.00 | $47,150.00 |
| [18] | Norfolk County | MA | BOSTON-CAMBRIDGE-NEWTON, MA-NH | $470,350.00 | $517,500.00 | $47,150.00 |
| [19] | Plymouth County | MA | BOSTON-CAMBRIDGE-NEWTON, MA-NH | $470,350.00 | $517,500.00 | $47,150.00 |
| [20] | Suffolk County | MA | BOSTON-CAMBRIDGE-NEWTON, MA-NH | $470,350.00 | $517,500.00 | $47,150.00 |
| [21] | Anne Arundel County | MD | BALTIMORE-COLUMBIA-TOWSON, MD | $494,500.00 | $517,500.00 | $23,000.00 |
| [22] | Baltimore city | MD | BALTIMORE-COLUMBIA-TOWSON, MD | $494,500.00 | $517,500.00 | $23,000.00 |
| [23] | Baltimore County | MD | BALTIMORE-COLUMBIA-TOWSON, MD | $494,500.00 | $517,500.00 | $23,000.00 |
| [24] | Carroll County | MD | BALTIMORE-COLUMBIA-TOWSON, MD | $494,500.00 | $517,500.00 | $23,000.00 |
| [25] | Harford County | MD | BALTIMORE-COLUMBIA-TOWSON, MD | $494,500.00 | $517,500.00 | $23,000.00 |
| [26] | Howard County | MD | BALTIMORE-COLUMBIA-TOWSON, MD | $494,500.00 | $517,500.00 | $23,000.00 |
| [27] | Queen Anne's County | MD | BALTIMORE-COLUMBIA-TOWSON, MD | $494,500.00 | $517,500.00 | $23,000.00 |
| [28] | Rockingham County | NH | BOSTON-CAMBRIDGE-NEWTON, MA-NH | $470,350.00 | $517,500.00 | $47,150.00 |
| [29] | Strafford County | NH | BOSTON-CAMBRIDGE-NEWTON, MA-NH | $470,350.00 | $517,500.00 | $47,150.00 |
| [30] | Cannon County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [31] | Cheatham County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [32] | Davidson County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [33] | Dickson County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [34] | Hickman County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [35] | Macon County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [36] | Maury County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [37] | Robertson County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [38] | Rutherford County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [39] | Smith County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [40] | Sumner County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [41] | Trousdale County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [42] | Williamson County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [43] | Wilson County | TN | NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | $417,000.00 | $425,500.00 | $8,500.00 |
| [44] | King County | WA | SEATTLE-TACOMA-BELLEVUE, WA | $506,000.00 | $517,500.00 | $11,500.00 |
| [45] | Pierce County | WA | SEATTLE-TACOMA-BELLEVUE, WA | $506,000.00 | $517,500.00 | $11,500.00 |
| [46] | Snohomish County | WA | SEATTLE-TACOMA-BELLEVUE, WA | $506,000.00 | $517,500.00 | $11,500.00 |
Post: New to multifamilies
- Lender
- Rochester, NY
- Posts 3,451
- Votes 1,419
Always tag me... I don't mind at all. Conventional lenders you can get up to ten mortgages. Some portfolio lenders will go higher.
For a single property you can have several loans. Primary and Secondary mortgages, HELOC, Home Improvement loan - can all be taken out on an individual property.
Post: New to multifamilies
- Lender
- Rochester, NY
- Posts 3,451
- Votes 1,419
No it is not new. Most lenders will only go up to 4. There are only a few lenders that will go up to 10 with conventional financing.
Post: Sub30k - Jumbo Investor Friendly Financing - Primary and Buy and Hold!!
- Lender
- Rochester, NY
- Posts 3,451
- Votes 1,419
Unfortunately we can't lend to an LLC - only an individual's name. Are they interested in Quit claiming the deed back into their own name?
Post: Newbie Military Guy Trying to Find Right Path
- Lender
- Rochester, NY
- Posts 3,451
- Votes 1,419
Starting out with a four plex and using your VA is a great way to start!
Post: Pay cash or finance?
- Lender
- Rochester, NY
- Posts 3,451
- Votes 1,419
If you have the time and effort to put into rehabbing and increasing the value, doing a cash out refinance based on ARV is a great way to keep money in your pocket for more investments.
Here is some info from my blog on cash out refinancing. You can go this route with up to four mortgages than you are subject to the delayed financing exception.
Post: Four plex
- Lender
- Rochester, NY
- Posts 3,451
- Votes 1,419
Do you plan on owner occupying the property? I saw you wrote down FHA as an option and that is only for owner occupying investors.
Conventional will require 25% down if you have four or less mortgages.
Here is some information from my blog on conventional financing.
Post: Starting Real Estate with FHA
- Lender
- Rochester, NY
- Posts 3,451
- Votes 1,419
Starting out with an FHA multi-family is a great way to get started! You can put. just 3.5% down and ask the seller to pay up to 6% towards your closing costs!
Here is some information from my blog on financing with FHA.....