All Forum Posts by: Melvin List

@Ellie T. you can use your HELOC on your primary and still qualify for the "Delayed Financing" exemption.

@Kerry Pangan the loan amount and any lender fees would help.

@Pamela M. I agree with @Wayne Brooks The loan officer should have know about the "self sufficiency" from day one of the contract

@Lisa Beard Some great programs out there that will allow 75% cash out on an investment property up to $2,000,000.  Hopefully someone will respond with a SC contact.

@Brian Allen I would reach out to @Chris Mason.  If it is a true vacation home purchase he will have access to some great programs that allow 89.99% financing on a second home.

Depending on when the leases are up for renewal you should be able to get an approval by showing the underwriter an "intent to vacate" notice.

@Mike G. yes find a new lender.  Most of this can be solved with a simple letter of explanation to the underwriter. 

If you can qualify for a convention loan that is the way to go depending on credit.  You do have have to put down 5% but you will not have the funding fee of 1.75% stacked on top of your loan.  Also check out different lenders and brokers.  Some will have discounts on mortgage insurance premiums with conventional financing.

@Corina Robin Welcome to BP.

@Rob Myrick I would shop around.  Seems like there is a lot of margin built into the quote you are receiving.  With those type of lender fees you should be in the 3's