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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

Melvin List
Posted
  • 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?

Melvin List
Posted
  • 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?

Melvin List
Posted
  • 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

Melvin List
Posted
  • 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

Melvin List
Posted
  • 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

Melvin List
Posted
  • 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

Melvin List
Posted
  • 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

Melvin List
Posted
  • 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

Melvin List
Posted
  • 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.

Melvin List
Posted
  • 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.

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