All Forum Posts by: Melvin List
Melvin List has started 11 posts and replied 1088 times.
Post: Low Credit Score? Tips for Getting Approved for Hard Money Loans

- Lender
- Tampa, FL
- Posts 1,160
- Votes 379
Many lenders have overlays. You can still go FHA down to a 500 credit score with a manual underwrite.
Post: Grant Funding Sources?

- Lender
- Tampa, FL
- Posts 1,160
- Votes 379
The Homeready First program offers a $5000 grant for primary homes.
Post: FHA Streamline to reduce mortgage interest rate Scam or real?

- Lender
- Tampa, FL
- Posts 1,160
- Votes 379
I would let your loan officer know that them telling you that you will skip 2 payments is a direct TRID violation. Most companies that only do VA and FHA streamlines are mortgage sweat shops. You might skip 2 payments but you are still paying the interest just in the arrears.
Post: Private lender vs bank for fha first property

- Lender
- Tampa, FL
- Posts 1,160
- Votes 379
I would alway throw in a broker when you are shopping. Your might be surprised if you find the right broker the difference in rates and pricing depending on your situation.
Post: HELOC lenders for investment properties

- Lender
- Tampa, FL
- Posts 1,160
- Votes 379
There are a ton of options out there for HELOC's on investments properties.
Post: Refinance or Not

- Lender
- Tampa, FL
- Posts 1,160
- Votes 379
@Jaquon Miller Did you already pull the trigger? IRRL rates are smoking right now.
Post: Advice on how to finance

- Lender
- Tampa, FL
- Posts 1,160
- Votes 379
@Tange English 4 homes on one lot? If so you will probably need a blanket loan.
Post: Acquiring 4 unit

- Lender
- Tampa, FL
- Posts 1,160
- Votes 379
You can absolutely do FHA with 3.5% down if you plan on living in one of the units
Post: Mortgage Lenders in Dallas, TX

- Lender
- Tampa, FL
- Posts 1,160
- Votes 379
@Juan A. Ortiz Reach out to me. I have a broker licensed in TX with my company that will be able to beat both those retail lenders that you mentioned.
Post: Newbie with HELOC trying to rinse and repeat without waiting 6 months.

- Lender
- Tampa, FL
- Posts 1,160
- Votes 379
This would fall under the delayed finance exemption. For this product most lenders will go off of the purchase price plus your rehab cost for a conventional loan.