All Forum Posts by: Melvin List

@Austin M Margarida I would recommend to get at least one quote from an independent mortgage broker.

@Jeff Cliff you won't have to close your HELOC as long as your income can support both mortgages. Rates are very low right now so locking in in my opinion is a good idea.

@Amy Nordeen I would reach out to a broker in your area.  There are tons of lenders out there that will finance your investment property with out income.

@Lynette Gryniak you can also transfer the appraisal saving you time and money.  When does the contract expire?

@Ashley Jaynes welcome to BP!

@Lynette Gryniak you can absolutely either verify the transaction with the bill and receipt or just back out the $13,000 check.  This underwriter is being difficult!!

@Jonah Wilson there are tons of programs with out income for investment properties.  I would reach out to an independent mortgage broker to shop this type of deal out for you.

@Lynette Gryniak you should be fine with the Bill and receipt.  If you back out that deposit would there still be enough funds to support the gift?

@Stuart M. yes it will be a cash out refinance if you did not use the HELOC to purchase the property. 75% will be your max conventional. You can get 80% to 85% but it will not be as good as conventional terms.

@Eric Mayer that should have been cleared with a simple letter of explanation if any!

@Alyssa Dyer Never have the loan officer forward the inspection report.  This can cause tons of issues as you know.