All Forum Posts by: Jesse Rivera

I don't believe in marriage so I ain't paying no engagement fee.

If you are trying to go conventional, it's not a lender guideline, it's a Fannie Mae guideline, so unless you are going for a portfolio or non conforming loan, there is no negotiation. Lenders won't be able to sell the loan if the go lower than 25% down. If you are going to live in one of the units, that is a different story.

VA Guidelines allow rental income from a 2-4 unit (rent would be determined by the appraiser, and use 75%). But can only be used to offset the mortgage payment, not added as income.

VA also says that you need management experience or likelihood of success. Grey area, worst case can use a property manager.

If a lender is saying no, it's their own rule. Find another lender.

Closing cost should be 3-5k. Prepaid taxes and insurance, another 3-5k. You are paying way too much.

Everybody does them. Check with your local mortgage broker, most times you will get a much better rate. Let me know if you need a referral.

Are you the contractor, or are you using a 3rd party contractor?

Do you want a one time close loan, or 2 separate loans?

How long have you been on title?

What state are you in?

Yup, that's for SFR.

This is the gold nugget. Make sure you work with a good loan officer. NEXA is just a parent company for mortgage brokers. There are good mortgage brokers and bad ones, just like any other business. Find a good one.