All Forum Posts by: Michael Cohen

@Jaysen Medhurst is correct; if you're doing a loan that's 100% loan-to-value, then you won't have any equity to pull out. 

@Tiffany S. - the WF loan officer misspoke or was incorrect. Fannie Mae's HomePath is their portal to sell REO properties. HomeStyle is their rehab loan.

To jump on the "get preapproved first" bandwagon, I recommend you get preapproved. Bet you didn't see that coming.  A good lender can tell you what you would be approved for - provided you have all the required documentation ready - within an hour or so. Better yet, there are a few lenders who will do "TBD Loan Commitments" which are having an underwriter approve your income, assets, and credit prior to having a ratified contract. 

The purpose of doing all this up front is to ensure you are qualified for that purchase amount.

What's the strategy? Will one of you live in one of the units?

rate/term (i.e. no cash out) are typically 95% LTV, but truth-be-told, I don't quite understand what you're asking.

I will say that down payment on a traditional mortgage (i.e. conventional loan) cannot be a loan. If the down payment is not your own personal funds, the contributor must document that repayment is not expected.

@Jessica Frasier - all mortgages will have a seasoning period; meaning you won't be able to immediately refinance. Most likely 6 months minimum.

In the traditional lending world, there are renovation loans, multi-unit loans, and investment loans. Pick two.  Ba dum bum...

In all seriousness, the reality is that there's simply too much risk for all three to be combined. For a triplex investment renovation, you'd be looking at non-traditional (aka non-QM) lending. Primarily PML and HML.

I strongly suggest you get pre-approved with a traditional lender first. You can always go hard/private money later, but a traditional lender (bank, credit union, national or local purchase lender, etc.) will be able to tell you how your debt-to-income will be calculated per government guidelines and underwriting. Ultimately, this will tell you how much you can qualify for.

Can you restate the question? I'm not clear what you're asking.

@Diane G. your lender IS entitled to this information; it's not an invasion of privacy. He isn't a random off the street, it's your ex that you co-owned property with in a community state. You can change lenders, but you'll be required to give it to the new lender too. you can be offended all you would like, but you don't decide what's required. so either provide what they're requesting, or continue to rent. your choice.