All Forum Posts by: Kyle Gregg

I am in the same position as you and currently looking for a multi family to owner occupy. I am looking to use a FHA loan if the property is in good condition or a 203k loan if the property is in distress (most likely this route). I think these loans are a great opportunity for a new investor considering the 3.5% down payment.

Without a fortune saved up to invest in real estate, buying a multi using a 203k looks to be my best plan. 

@NA Jones 

I've been dealing with an identity theft issue for over a year and now dealing with collection agencies...your advice to go to ficoforums has been a HUGE help. The people on the forums were quick to offer VERY sound advice. 

Very appreciative! 

@Jerry Padilla 

Thanks for clarifying. 

This is the best advice. I used to not care about my finances while in high school and college. I let credit cards and school loans slip away and now looking back those are my biggest regrets. I took control and now i feel confident about my money. Although im rebuilding after a rough start, i know what good credit can get you and how fragile your credit actually is. 

PROTECT YOUR CREDIT!

@Roy N. 

Appreciate the help Roy.

@Roy N. 

Im pretty sure he is the cosigner. I know the loans show up on my credit report. 

I have been calculating my DTI ratio and have included all of my student loans in the equation. Question is, if my student loans are all cosigned with my father, how do they figure into my DTI ratio? Included or excluded?

Thank you.

@Andrew S. 

The bank will only consider the actual value of the property during a refi? Hopefully appraising it higher than purchase price, then cashing out the difference...

I have a question about conventional loan financing...

If there was a house on the market that was selling for $40k and is valued at $90k, how will the bank write up this deal? Will you still have to put a 20% down payment even if the value of the house is above 20% asking price? Or will the bank consider this 50k price difference as equity and not require the down payment? 

Also, it would only make sense to purchase a house with hard money then roll into a conventional loan if the house is in need of renovation. The bank will loan you the ARV of the property with a 20% down payment? Or would you only ask the bank to finance what you need to repay the HML; the difference between the HML and ARV would be considered equity and thus eliminating the 20% down payment?

Lost on the conventional loan concept. 

Thanks.

@Nancy Roth 

could you provide a simple existing layout sketch? i'd like to take a swing at it.