All Forum Posts by: Michael Murray
Michael Murray has started 2 posts and replied 33 times.
Post: 203K Loan - Is my Broker telling me the truth?

- Millington, NJ
- Posts 37
- Votes 7
This must be for your primary residence. FHA either 203k or 203b will Always carry mortgage insurance. This is why it's not the best mortgage option for people that are looking to flip or turn a profit. Fannie or conventional mortgages will generally have mortgage insurance until the LTV reaches 78%. 203k are not a issue for most LO's if they look at their bottom line before the clients then I have an issue with them. I wouldn't look to close twice because of the cost! Conventional is a better product for the home owner hoping to turn a profit, the soft costs add up. The 203k will help build in equity into the property but at a cost.
Post: Diary of our first Historical Rehab and Company Rebranding

- Millington, NJ
- Posts 37
- Votes 7
Show the drawing!! so we can see the potential.
Post: 203K Loan - Is my Broker telling me the truth?

- Millington, NJ
- Posts 37
- Votes 7
This is your primary property correct? Mortgage Insurance is costly with FHA. But if you intend to sell the property after a year figure it into the carrying cost and see if the numbers add up to a profit. If the mortgage guy is saying he can't get mortgage insurance on the property because of cosmetic issues then the underwriters won't do the loan. It time to get a new broker.
Post: How to choose a loan officer?

- Millington, NJ
- Posts 37
- Votes 7
US bank is used by mortgage brokers or correspondence. Brokers will try to up sell you into a first mortgage. Those are the brokers you want to stay clear, they have their own interests ahead of yours. They do have small business loans. Maybe not what you are looking for.
A commercial loan is based on the property income not your personal credit.
Ryan the best way of knowing what banks are offering in your area is to start a dialog with as many that are willing to talk to you. Bank approval is not just credit and down payment. They will look at your amount of debt you are carrying and your income history. The residential loan market has lower rates. A commercial loan is looking closer at the deal and the cash flow and income are the key issues.
Post: financing to rehab REO for personal use

- Millington, NJ
- Posts 37
- Votes 7
Deena for a 203k lokk at the County loan limits. Subtract the purchase price from the max amount and that would be the amount for renovation a 203k will go up to.
http://www.fha-loan.org/fha-loan-limits/fha-loan-limits-in-california/
Can anyone refer me to a place that knows how to repair rot to log cabins?
Post: 4-Unit Multi Family Deal in Cuyhaoga Falls,OH

- Millington, NJ
- Posts 37
- Votes 7
Aaron the streamline 203k is $35000. The Max on a full 203k depends on the fha county limit. Look up the fha limit for Brookline Mass. and that is the limit on a loan. Example the FHA limit is $425,000 then that is loan limit. So if the purchase price is $125,000 the renovation limit is $300,000. The 203k is FHA where the down payment is 3.5%. It must be your primary residence.
Post: 4-Unit Multi Family Deal in Cuyhaoga Falls,OH

- Millington, NJ
- Posts 37
- Votes 7
Kenneth, I think if you bring in a partner it would kill the 203k deal. first see what mortgage amount you qualify for if the purchase price plus the cost of the repairs are more than you qualify for then you can ask a relative for help with the down payment. You can also use the rent from the unit as income to qualify. You can use 50% of the income from the units.
Post: Brazilian National and Buying in the US

- Millington, NJ
- Posts 37
- Votes 7
Look at bank of the internet they have foreign national financing