All Forum Posts by: Michael Cohen

HML is primarily for short term investment. Typically 6 months or so. It's not a vehicle for you to purchase your primary residence. Again, why not a traditional mortgage?

If you're owner occupied, why use HML as opposed to traditional residential mortgage options?

Those loans are not typically applicable to the flipper since they're looking to unload in in 3-6 months. I suggest you google "portfolio lender" in your area or use BPs extensive lists of HMLs. Because you're new, you're just going to have to accept the higher rates as a cost of doing business until you have a track record behind you.

You're on here, Brentin? Ha. Should have guessed.

Patrick Shawn Faherty PM me if you need some recommendations.

Sorry, talk to text... Once you hit 20% equity (proven by an appraisal) you can refi into a conventional loan without MI. I know, not think. 😀

Matthew Hamilton on an FHA loan, the PMI is for the life of the loan. It never goes away. Unless you put 10% down, and then it goes away in 11 years, regardless of the equity position. Once you hit 20% equity a lot proxies proven by an appraisal process I think you like you can refi can do a conventional loan to get rid of him I. Typically that will take 9 - 11 years.

Thank you for the kind words, Chris Mason

@Derek Henkes - @Jonathan Jaime Velarde is spot on. This is an extremely common, and wise tactic, that many service members use to start building a portfolio of rental properties. You will be eligible for a VA loan after 90 days of active service.

Correct. FHA doesn't have an interest only term.