All Forum Posts by: Kass Farran
Kass Farran has started 1 posts and replied 46 times.
Post: I'm looking for a hand built amortization schedule,
- Posts 46
- Votes 29
I have a basic one I built. DM me if you still need one as I don't think you can attach files in the thread.
Welcome from one newbie to another!
Post: 30 YR Conventional for properties less than 100k?
- Posts 46
- Votes 29
Post: 30 YR Conventional for properties less than 100k?
- Posts 46
- Votes 29
Quote from @Harjeet Bhatti:
Quote from @Kass Farran:
Hi everyone,
Going off of my previous experience from when I was an MLO at QL (Rocket Mortgage now). I know I had a lot of trouble on conventional products for clients that were looking to finance properties under 100k. Usually we'd have to go the FHA route, even if their credit and income was fine.
Looking back at how QL did things I wouldn't be surprised if this was just an overlay and underwriting condition applicable just for us but I'd like to get some insight from the MLOs and Brokers that are currently in the industry outside of the RKT bubble.
Are you approving individuals on 30 YR Conv terms for $60k, $70k, $80k loan amounts? MFH? Mobile/Manufactured?
Most of the banks do not have restrictions on loan amount for primary home. Investment property mostly lenders want to see property is in livable condition no health and safety issue for tenant. Lower loan amount properties do not pass the appraisal standard. As long as its not subject to we can do the loan for investment property.
I understand the condition requirements, but I am unclear on what you mean by "Lower loan amount properties do not pass the appraisal standard". Is that a condition of the appraisal or are you saying that most lower priced properties are not in a good enough condition to pass the appraisal?
Post: 30 YR Conventional for properties less than 100k?
- Posts 46
- Votes 29
Hi everyone,
Going off of my previous experience from when I was an MLO at QL (Rocket Mortgage now). I know I had a lot of trouble on conventional products for clients that were looking to finance properties under 100k. Usually we'd have to go the FHA route, even if their credit and income was fine.
Looking back at how QL did things I wouldn't be surprised if this was just an overlay and underwriting condition applicable just for us but I'd like to get some insight from the MLOs and Brokers that are currently in the industry outside of the RKT bubble.
Are you approving individuals on 30 YR Conv terms for $60k, $70k, $80k loan amounts? MFH? Mobile/Manufactured?
Post: Darius' a Zero Start to a Million Dollar Portfolio in 8 Years!
- Posts 46
- Votes 29
First forum post.
Love to see and learn from local success, Great job @Darius Kellar. I'm just starting to get into real estate after spending a few years on the other side of the money as a MLO. I'll be learning as much as I can and love any bit of feedback or guidance anyone has to offer as I go further down this road.