All Forum Posts by: Mike Price

HM has been murdered by low liquidity and margin calls.  60-70% is the new norm.  Most of my lenders are at 70%.   The strength of the deal is a huge factor.

If you close before your pay changes, you’ll be fine.  

Once your pay changes to 100% commission, you will need a two year history to qualify for a mortgage.  

Yes.  They are included in your closing costs. Equity can be used so you don’t have to bring cash to closing. 

You will get much better rates if you refi into your name.  

You can use as little as one partner of the LLC as the guarantor as long as all partners agree.

With three consecutive late payments, your only option might be a 30 year hard money loan.  

Hard money under 100k is tough.  Why can’t you go conventional? 

They are out there, but you won’t see much better than 6%.  

It's the lenders decision on how the loan is titled at closing. Title will not allow a change without the lenders approval. If title is changed some joe back to the LLC, the note can be called. There are 3 year fixed options for llc's, but they won't carry Fannie/ Freddie rates.