All Forum Posts by: Harlan Robinson

My W2 income is spotty over the last 3 years. I have taken breaks to work on other projects but have always gone back to the same employer. I do not have two years of steady W2 income but I do have two years of income. What underwriter will sign off on me for a 4 plex building with a VA loan?

On Mar 31, the FHA 30 fixed rate advertised was 3.12 and our rate is 3.12. If you agree, then using a rate by down from X to 3.12 as justification for a 8500.00 dollar commission is outrageous. Our credits that could have been used for invoices to contractors. The current economic environment is being used as justification, being used to create fear and a sense of urgency, to suspend reason.

Are MBS products sold daily, weekly, or monthly? The rates went up because there is no buyers

Do I need to worry about permits in the city of Atlanta since I am not making any alterations just updating fixtures and repairs? I might tear things down to the studs since I will be living there and do not like surprises.

Exactly@DeWitt Gibson, just have to find a lender that will do it at 500! They do not have much choice now, growth has to come from somewhere? The Feds can just buy high risk MBS on the secondary market and hope for the best. It's all just monopoly money anyway, CTRL-P is my motto. @Frank Marta, I will be in contact. 

So here is my situation. 

I have 510 FICO and I need to move in December.

• Can I get a VA Loan with a 500 FICO in Chicago, IL for less than 200K with 10% down?
• Can I get a cash out REFI with a 500 FICO at 80% LTV on an income property that I buy cash and fix up?

I had not considered buying a 4 unit building in Chicago. Your right I should consider that. Funny thing is I was looking for a 4 unit here in phoenix, but I do not understand the market, neighborhood, or its people. I will only play where I understand the nature of change and the market and that is Chicago. 

I would like to pull the cash out 6 months later. I am told I need to have 6 months title seasoning before a lender will allow that. The property is in Chicago and as per VA rules I have up to a year to occupy the property before I move back from lovely arizona. Also, I would like to go no money down. I do not plan on purchasing any more properties in the near future. Was my question unclear?

What will happen if I buy a property for 30K and the minimum loan is 50K that the VA will do? Will they say no? Will they give me the cash:)? Will the seller give me the Cash:)?