All Forum Posts by: Michael Cohen

Braden Smith yep, Movement Mortgage is amazing! 😉

Bob Rowe why would it be too late then? You can't compare rates until it's locked, otherwise it's abstract snake oil

203K Standard minimum is $5k. And the other option is to lower the sales price to match appraisal. Second question: does anyone question the accuracy of the appraisal?

Jacob Szeto get a new lender. Nothing she is saying is correct.

These are actually completely reasonable and measured changes to those of us in the industry. There are numerous checks in place to ensure borrowers do not get in over their heads (as there should be) which didn't exist prior to TRID/Dodd-Frank.

@John C. correct; you cannot use an FHA loan if the property is more than 4 units. This is a HUD/FHA guideline and not flexible.

Hey all - I want to clarify LTV requirements for HomeStyle:

1. 95% - SFH as primary residence
2. 85% - SFH as investment property
3. 85% - duplex
4. 75% - triplex or quadplex

Rosy Bruno most renovation loans, including FHA 203k, forbid the buyer to do work themselves. In addition, the work must be completed with 60 days. So unfortunately you can't do a slow unit-by-unit rehab over the course of a year.

@Barry Rupisan - unfortunately, there are now investment products with only 5% down.

Hi @Levi Polter - if you're working with a realtor, ask for their recommendation.