All Forum Posts by: Michael Cohen

honestly, that's probably a lender by lender issues.

18% wow? 

45 days is more reasonable, but Ryan's point is right on: 203Ks are definitely complex loans that require a lot of work for the homebuyers. If you're looking to snap up a property very quickly, then typically you'll need a hard money loan, but the rates are going to be significantly higher.  

I am not going to give examples because I don't have enough hard money experience to guess. I'm sure a few BP posters (@Ryan Murdock?) can give a better idea than me.

Two separate issues: 1. Can it be used as down payment: yes, provided cash deposits occur often and consistently AND you claim it on your taxes. If not, leave the cash in your bank for over 60 days and do not deposit any more during that time. 2: Can the cash be used as qualifying income: yes if you claimed it on your 2015 and 2106 taxes. Your income will be averaged over the past two years. Your lender will also remove any business expenses that you claimed on your taxes as well.

You could refi out of the fha 203k to a conventional and then get another FHA with 2.5% down.

Let me clarify: you both could be in title as individuals, but not a partnership/legal entity

Hi Jon K. - ultimately what you're asking is if you can be on the property title, but not in the loan. Yes you can. However you both need to research title options and then decide how the property will be titled. Is your friend planning in living in one of the units?

PMI never goes away on a FHA loan, unless you put 10% down. Then it goes away after 11 years.

1 year unless certain circumstances, such as employment-forced move, family growth, etc.

Hi Matt Abi - welcome to BP! Unless you're looking to sell, the "value" of your property is only an abstract and has no impact on your cash flow.