All Forum Posts by: Michael Cohen

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Most title companies will have some sort of estimator/calculator available. Try a few and see where you land.

@Albert Bui - I missed the part where Scott was asking about multi-unit. That'll teach me to try to use BP on my phone.

Yes, 2-4 unit properties are 75%LTV when using non-occupying co-borrower. Sorry for the confusion.

sounds very reasonable to me. Shouldn't be an issue.

I apologize; assumed you would no longer be working. You do not need state-specific income to qualify. So technically, you could continue generating income from your company in CA and purchased in NV or WA or wherever. 

However, you might run into some issues:  For example, if you were a graphic artist (straight W-2 employee) the underwriter could certainly understand the idea that you can work from home. However, if you owned your own landscaping business, the underwriter will question the viability of your continued income. What industry are you in?

Just confirming: if it was some random business partner, then you wouldn't qualify for an FHA loan and you would be looking at a standard investment loan requiring 25% down. Was trying to give your lender the benefit of the doubt...

OK. Yes, all FHA loans (203K is merely a subset) allow for non-occupying co-borrower and the LTV does not change; meaning your down payment is still 3.5%.

I wouldn't want to speculate... :)

Is the non-occupying co-borrower a blood and/or marriage relative?

The down payment on an FHA 203K remains at 3.5%, even when you have a non-occupying co-borrower.

Bryan Tasumi barring some extraordinary circumstances (you're independently wealthy, have lots of reserves, etc.) you would need an income in order to qualified a mortgage. Specifically, if you get a salaried -hourly pay counts here - position within the same industry as before, you would qualify quickly. 30 days or less, depending on the industry. If you're self employed or commission/sales beard, you may have to wait two years to qualify.

@Keith MacDonald - Unless each area has a separate entrance/exit, utility metering, and other differences, they won't be classified as multi-unit, FHA loan or not. If they're rental space only, and not legally designated units, then FHA won't count the rental income as qualifying income.

Matt Romano if you put 10% down or more on an FHA loan, MI goes away after exactly 11 years, regardless of the equity position. However, if you're putting 10% down, I would question the use of an FHA loan.