All Forum Posts by: Jim Blackburn

Harold Henderson Lender will do title search for you, and if you are made aware of any lien issues before your contingency date that the seller will not satisfy, and you decide to back out of contract, then you won't end up paying for the title work.

Harold Henderson 424,100 max loan amount, 15% minimum down w/ conventional Up to 703,000 max loan amount for 4 units and just 3.5 % down if you will occupy one of the units w/ FHA.

Alex Babayev nice job! 60 Gs minus stgt. Do you already have your next property lined up for a quick 1035?

@Jonathan Soto

yes, send me an email with the property address, estimated purchase price, and estimated renovations.  

@Chris Mason - what do you mean the "cap actually goes away?" 

All I was saying is that both Fannie and Freddie now will allow up to 10 financed properties listed on the REO section of the 1003 application.

@Brian Garrett yes correct. 3.5% down w/ FHA. If you'r expecting to do improvements and getting a good buy, you will refi out of the FHA and into conventional in 2-5 years.

Consider an FHA 203K Renovation Loan for improving long term holds up to 4 units with just 3.5% when purchased as primary residence (initially).  Buy as primary residence, and you can move out and keep as rental 12 months later.  Loan maximum is subject to FHA county loan limit. 

Loan is paid two increments 

1. Purchase funds paid to seller at closing  

2. Renovation funds are paid to licensed contractors over 3-6 months 

Example 

This example is for Los Angeles. (I can do business in all 50 states.) 

In LA, the county loan limit for 4 units is 1,223,475.

800,000 purchase price 

400,000 renovations (100k per unit) 

----------------------------------------

1,200,000 total loan needed 

3.5% down = 42,000 down payment 

All closing costs and escrows can be covered by seller as long as less than 6% of purchase price.  

Shoot me an email for details. 

[email protected]

10 year arm mid 3s. Let me know if you have any more questions.

Real Answer: you can use 75% of the lease on vacating primary residence as qualifying income towards the purchase of your next primary residence. Let me know if you have any more questions.

If you decide to go single family, I can get you 2% down payment assistance up to $8500 max. Just 1% is required from you. Let's talk tomorrow.