All Forum Posts by: Michael Caras

I'm a lender in Massachusetts but for this to qualify for an FHA it would needs to be owner occupied. It doesn't sound like you intend to occupy the property so this loan wouldn't work unfortunately.

Different cities and towns have ordinances on this. Usually an in-law is not legal to rent out in my experiences.

Guaranteed rate is the top lender in Massachusetts. If you're interested in a quote I'll be happy to assist you.

Welcome to Boston.  I myself worked in the restaurant industry for almost 10 years, kudos to you for being able to free up some time.  You must have a remarkable staff to feel comfortable stepping away to take on investing.  Best of luck on the search for your next property.

Hello Gabriel Verzino . The first thing to know before being able to help inform you of your best loan option is whether this will be your primary residence and for what length of time will you occupy the property? I work with the largest lending company in MA and am familiar with all the available options including masshousing and FHA. I'll be happy to answer any questions and wish you the best of luck on the search for your new multifarious.

@Owen D.  I work with Guaranteed Rate out of the Wakefield office.  We're the top lender in MA.  We've successfuly lended on many homes that banks have previously denied. I peronally am relatively new to the industry, but I work directly with my partner Liz Ryan who has over 30+ years in the industry.   We would be happy to help explore what alternative options you may still have available. Please don't hesitate to reach out..  

I wonder if the bank used rental income from both properties. It sounds like you've been a landlord long enough for this to be considered as qualifying income. I'm a lender in MA and have seen this mistake happen before. I'll be happy to help answer any questions you may have. You certainly don't want to miss out on a spot that you and your wife could envision as a forever home.

I'm a local lender and pretty familiar with all of the options available in mass. The closest things to masshousing are home ready and home possible, but income limits hit you again. 

Have you thought about FHA? I agree the masshousing loan is great. I just had to work on one for a 4 unit in Arlington. Masshousing checks on the income each year and also will charge if it gets refinanced within a certain amount of time. Having a contract on the side can violate the masshousing loan and you can be held responsible for mortgage fraud if it's discovered. FHA has no income limits.

Thanks Mindy!