All Forum Posts by: Jerry Padilla

@Nathan Boyer

I would suggest a home improvement loan to repair the roof on her current home. Try a local credit union for this. She can avoid the penalties that are associated with pulling from retirement. If the roof is leaking it may have issues with financing. You don’t want to keep dropping the price of the house, as it will cost her even more and she will end up having to fix the roof anyone’s, if they are using financing.

The second suggestion is - if she doesn’t want to fix it, than to have renovation financing ready and available to the person wanting to purchase the house so they know they have options to purchase.

Another option is to offer a seller paid escrow holdback to repair the roof. This would allow the buyer to use conventional financing.

Investor Friendly Loan Officer - Offering a Wide Range of Products from Beginners that are "House Hacking" to the experienced investor.

We have both conventional and portfolio products for residential property.

I work primarily with investors and so my team, of processing and underwriting are familiar and knowlegeable on investor financing.

I am always glad to provide guidance and assistance throughout the process.

Competitive Rates

Very Few Overlays For Investors.

Able to Follow Guidelines directly for Fannie Mae or Freddie Mac - allowing more flexibility with lending criteria.

Here are some links to some blogs I have written up to provide education on different Conventional Programs;

Conventional Investment Property Financing

House Hacking: Home Ready vs Home Possible

House Hacking with FHA Financing

BRRR; Cash Out Financing & Delayed Financing

Here is a link to a podcast I did providing more info on BRRR Financing

BRRR - What You Need To Know When Using The BRRR Method Podcast

Rate & Term Refinancing Properties 1-10

FHA 203k vs HomeStyle vs EZ - C Renovation Loans

House Hacking with a VA Mortgage

VA IRRL

VA Renovation Loans

[email protected]

585-204-6923

Investor Friendly Loan Officer - Offering a Wide Range of Products from Beginners that are "House Hacking" to the experienced investor.

We have both conventional and portfolio products for residential property.

I work primarily with investors and so my team, of processing and underwriting are familiar and knowlegeable on investor financing.

I am always glad to provide guidance and assistance throughout the process.

Competitive Rates

Very Few Overlays For Investors.

Able to Follow Guidelines directly for Fannie Mae or Freddie Mac - allowing more flexibility with lending criteria.

Here are some links to some blogs I have written up to provide education on different Conventional Programs;

Conventional Investment Property Financing

House Hacking: Home Ready vs Home Possible

House Hacking with FHA Financing

BRRR; Cash Out Financing & Delayed Financing

Here is a link to a podcast I did providing more info on BRRR Financing

BRRR - What You Need To Know When Using The BRRR Method Podcast

Rate & Term Refinancing Properties 1-10

FHA 203k vs HomeStyle vs EZ - C Renovation Loans

House Hacking with a VA Mortgage

VA IRRL

VA Renovation Loans

[email protected]

585-204-6923

*PRIMARY RESIDENCE ONLY - UNLIMITED AMOUNT OF FINANCED PROPERTIES

*MINIMUM CONFORMING LIMITS + $1 – NO EXCEPTIONS

*Maximum Financing Total Under This Program is $3,000,000 unpaid principal balance

* NO MI

30 yr fixed

5/1 ARM

7/1 ARM

Purchase/Rate & Term Criteria – LTV

• Seller may contribute up to ( 3% if >90% LTV) & (6% if < or = 90%)
• Gift Finds not allowed if >90% LTV
• No Escrow Waiver

Cash Out & Rate & Term Criteria

• 6 month seasoning requirement
• Property must not have been listed for sale for previous 6 months from application date.

*Non Traditional Credit Not Permitted

*Declining Markets noted by appraiser - LTV will be reduced by 5%

* New York and Maine not available, Most States This Program is Available!

* Massachusetts not allowed

Properties Allowed:

Single Family (Detached, Semi Detached, Attached)

1-4 units

PUD (Detached, Attached)

Warrantable Condominium(Detached, Attached)

Non-Warrantable Condominiums Attached/Detached) including Condo-tels.

(Subject to Prime Lending Approval)

** FIRST TIME HOME BUYERS - payment shock ratio is required unless living rent free or currently own home free and clear. Caluclation divides proposed monthly housing payment by current total monthly housing payment. This ratio must not exceed 250%.

1-4 Unit Primary Residential Property or 1 Unit Second Home

• 95% LTV
  • 700 Credit Score Required
  • $3,000,000 max loan amount
  • 9 months Reserve Requirement
  • No Mortgage Insurance
  • Max DTI 45%

$2,000,000 max loan amount

• 90% LTV
  • 700 Credit Score Required
  • $3,000,000 max loan amount
  • 9 months Reserve Requirement
  • No Mortgage Insurance
  • Max DTI 45%

Cash Out Refinance Criteria - Maximum Cash Back - $500,000

1-4 Unit Primary Residential Property or 1 Unit Second Home

• 85% LTV
  • 700 Credit Score Required
  • $1,500,000 max loan amount
  • 9 months Reserve Requirement
  • No Mortgage Insurance
  • Max DTI 45%

Cash Out Debt Consolidation - Maximum $100,000 to be paid off

1-4 Unit Primary Residential Property or 1 Unit Second Home

• 95% LTV
  • 740 Credit Score Required
  • $750,000 max loan amount
  • 9 months Reserve Requirement
  • NO Mortgage Insurance
  • Max DTI 35%
• 90% LTV
  • 700 Credit Score Required
  • $750,000 max loan amount
  • 9 months Reserve Requirement
  • No Mortgage Insurance
  • Max DTI 35%

Texas Re - Financing Only

1 Unit Primary Residential Property Only!

• Rate & Term Refinance:
  • 80% LTV
  • 700 Credit Score Required
  • $3,000,000 max loan amount
  • 9 months Reserve Requirement
  • NO Mortgage Insurance
  • Max DTI 45%
• Cash Out Refinance:
  • 80% LTV
  • 700 Credit Score Required
  • $1,500,000 max loan amount
  • 9 months Reserve Requirement
  • No Mortgage Insurance
  • Max DTI 45%

@Isabella Zhang

Is this for a down payment or the purchase price of the property?

You will have a difficult time finding a lender that will loan on a max purchase price of $30k.

@Eric Pinkney

I am glad to answer any questions you have on cash out financing! I do these types of loans for investors all the time!

@Mike C.

What needs to be done to complete the rehab? How do you know it won’t qualify for conventional financing?

If it doesn’t qualify, than what about a home improvement loan to finish the project so you can cash out refinance with conventional.

@Alexis Edwards

I don't know what the property value is, but is it even worth it? What is the value of the land? I would have a contractor or inspector go through the property with you. I wouldn't make an offer site unseen in this case. 

@Joe Coyne

I did something similar to your situation. I cash out refinanced on all 4 of my properties to put down on my forever primary residence and remodel the kitchen and do some other renovations. I do plan to invest in more properties, when my kids get a little bigger. All my properties still cash flow nicely. I wouldn't worry too much about the interest rate, if the property is still cash flowing and you are meeting your goals of purchasing a primary residence for your family to live in long term. I think you are correct on going with a fixed interest rate if you plan on keeping the property long term. You never know where rates will be in 5 to 10 years. 

@Kaylan Hawkins

Do you have an agent? Have you been pre-approved for Financing? 

To start you want to get pre-approved for a mortgage and find an agent that can assist you with making an offer on the property, once you are pre-approved. 

Your lender and agent can guide you with the next steps. Search your local forums to find an agent.