All Forum Posts by: Joe Kim

I used to work at one of the nations largest online lenders and I can tell you if your scenario is perfect then you won't encounter much, but like when dealing with anything slightly outside the cookie cutter loans you do it's hit or miss. For example instead of gathering all necessary docs at once they could have you scanning and emailing a different doc every other day, delaying your process. Underwriting turn times and the massive loan volumes they deal with make the process way longer than it needs to be with conditions. But they're obviously doing something right. You don't buy arenas and do 11-12 digits in loan volume because you can't process a loan. You can shop them though and get the rates and fees that you want. Ask them what their turn time is and then add 6-7 days for a good estimate of funding date.

Robin Boyer lol. Not much. Only what I remember from my college tax accting class. Like-kind exchanges.

I'm in so cal as well. I work full time on the lending side of the business. I'd love to sit down with you guys and pick your brains on the RE investment side. And you can pick mine as well for the finance side.

Oh and we can do investment property purchases with 20% down and foreign national loans as well.

@Susan Knight yep.  Doesn't matter where you live as long as my company is bonded in the purchase state we're good.  (has to be purchased as 2nd home / investment can't be primary unless we have LOE's and proof of continuous employment)

Ori Foyer it stands for non qualified mortgages. It's an intermediary between HMLs and conventional mortgages. Less lender risk so rates are better, but you actually have some qualifications to pass not as easy as HMLs but easier than conventional mortgages.

@Jason V. Definitely fishy considering this from the CFPB website "The Bureau of Consumer Financial Protection (Bureau) is amending Regulation B, which implements the Equal Credit Opportunity Act (ECOA), and the Bureau's official interpretations of the regulation, which interpret and clarify the requirements of Regulation B. The final rule revises Regulation B to implement an ECOA amendment concerning appraisals and other valuations that was enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). In general, the revisions to Regulation B require creditors to provide to applicants free copies of all appraisals and other written valuations developed in connection with an application for a loan to be secured by a first lien on a dwelling, and require creditors to notify applicants in writing that copies of appraisals will be provided to them promptly."   You gotta give them an appraisal, plus I don't know about USDA but in the conventional world I cannot "know the appraiser".  That's one of the things that was heavily regulated.  

@Abulele Woldulele depending on property type its not too bad.  If you're in a jumbo for a 1-unit then its really good.  High bal limits in nor cal in alameda county $636,150-$1,223,445.  Points just mean they are buying down your interest rate.  A lot of that is on the back end.  For example a broker shop can rebate points to "buy down your rate."  Direct lenders can reduce their margins to buy down your rate with points from their par.  Its quite possible, that the person that gave you the estimate is getting a 4.125% which is par on their rate sheet which means that they aren't using any points to buy down your rate.  Bottom line is, what are your total estimated closing costs that are being billed you you, and what your rate is.  Someone can buy down your rate to a 3.5% hypothetically but charge you 16,200 in costs to buy that rate down and it will show.  Sometimes a lender will pay for your points in which case you will see a buy down of 16,200, but a rebate of -16,200. There's a lot of ways to structure stuff, but until you get an actual loan estimate, you won't see how they're structuring the back end. 

@Kirk King Typically PMLs are 2-5% origination fees and interest rates start at 5.5%-11% pending your "grade". Combination of your credit score, DTI, LTV, and reserves. I'm well versed in these, if you need help finding someone for AZ send me a PM.

I'm going to keep the highlights of my programs concise.

I can finance up to 20 investment properties with a ~3 million dollar cap.  Meaning you can have mortgages on 14 properties, and I can loan out up to 3 million on 6 more properties provided you qualify. 

Your properties in an LLC? No problem.

I have No doc loans, asset valuation loans, and bank statement loans for income qualifications.

Can have funding times of 14 days or less.

Can fund an investment property with less down than HMLs.

Joe Kim NMLS#1420814 

LoanStream Mortgage

[email protected]  -  Leave me a brief message with what you are looking to accomplish.

Available in - WA, OR, NV, CA, AZ, UT, CO, NM, TX, OK, LA, MN, WI, IL, IN, OH, KY, MI, GA, FL, DC, MD, NJ, and MA.