All Forum Posts by: Joe Kim

@Ori Foyer Also as alternatives to HMLs, research non-QM products.  They can be significantly "better".  If you have any questions please ask.

@Eric Bradis, Freddie Home Possible is possible, FNMA homeready on a 3-4 unit is 75% LTV. You can go on Freddie's website and they have an eligibility tool you can see if the property qualifies with AMI (Area Med Income).

Equity Stripping can also refer to an originator's responsibility, when finding net tangible benefit for a borrower.  If you're chopping deeply into their equity with origination fees, and buy downs, it might interfere with our fiscal responsibility to the borrower.  For example a borrower has 15% equity in their home, they just refinanced 6 months ago at 4.25% and someone tries to refinance them again at 4.125% but origination + fees are 6k which takes their equity to 11%.  (it won't pass the fee's test but I'm just giving an example off the top of my head).  That would also be considered equity stripping.  "Equity stripping and loan flipping"  was a pre 2008 mantra.   

@Teresa Hunt I don't think I'm allowed to mention anything specific in these threads. There are companies that have DSC loans (Debt service ratio); asset based lending; and 12/24 month bank statement loans. They qualify based on reserves and two appraisals that determine rental values in the area. They also have no doc loans where they check your credit scores and with 25% down they fund the other 75% pending appropriate appraisals values. There are even some companies who will work with up to 20 mortgages at once. These are not Hard money loans.  They are non qualified mortgages products.  So there are companies out there that can easily do what you're asking to do. Interest rates are competitive with conventional investment loans. I'm not licensed in Kansas so unfortunately I can't personally help you.  But? Good luck!