All Forum Posts by: Michael Cohen

You're welcome. Unfortunately, the part-time income would not be allowed as qualifying income under FHA guidelines. FHA requires the borrower to have two years of an interrupted history of a secondary part-time job.

Non-owner occupied limits are 80% to 85%, depending on the loan.

Precious Thompson based off what you're saying, your chances are 100% of being approved for an FHA loan, assuming there are no other crazy issues, like tax liens, nonpayment of taxes, etc... Your income amount, and corresponding debt to income, will determine how much your approved for.

Maybe I missed something, but if you take out a HELOC and 100% of the funds go to pay down your mortgage to eliminate your PMI, then you're replacing a $91 PMI for an $89 HELOC. And that assumes the HELOC will be paid off at the exact same amount of time in which you would've paid off the PMI. Paying $89 per month, how many months will it take you to pay off the HELOC? How many more months of the PMI do you have? Which ever is greater, that's what you go with. I haven't run the numbers, or seen all the information, but I doubt it would be worth your time.

Hey Joe Amaya welcome to the club.

Hi Paige Marie welcome to the BP community and world of re investing.

Hi Gary Newsom - I'm not 100% sure I understand what you're asking, but I will say that a 203k requires the 3.5% down payment to come from the borrowers own funds, a government grant, gift from family, or a few other sources. The down payment cannot be from partners/ business interests.

Russell Brazil is correct. The allowable third party contribution is loan specific, not state mandated. There is no reason to put it in the contract beyond the standard financing addendum as it's a common negotiation tactic. FHA is 6% limit VA is 4% limit USDA is 6% Conventional/Conforming is 3%

Dakota Flora great shots

I concur with the previous posts; find a new lender. You should be able to use market rates.