All Forum Posts by: Nicholas Covington

@Dave Janis

Hey Dave, I might have some options for you depending on where you are at in the process. Connect with me.

@Michael Acheampong what state?

@Aly W. That seems simple enough, connect with me and I can see what I can find for you.

@Cesar Ramirez-Fajardo FYI condos are generally bad investments for cash flow unless doing short term rentals. If cash flow is what you are looking to get out of it, I would see if the market allows or support short term like Airbnb or I would sell it off and get a better producing asset.

To answer you question on how co signing can affect you. You are now held responsible financially and credit wise for that debt. It will be factored into your DTI for atleast 12 months in which there are times you can have that excluded once you show she has paid it out of her own account for 12 months. If she misses a payment, so do you. One late payment on a mortgage can set you back 12 months depending on loan type.

All and all it’s just not worth the risk.

@Cesar Ramirez-Fajardo being honest if you plan to buy soon I would NOT co-sign. I understand wanting to help your mother out but I can’t tell you how many times I have seems this same situation play out and it normally doesn’t end well.

As a lender I normally do not support co signing mortgages for others unless they are your spouse and you plan to live in the property you are on the mortgage for.

@Thomas Klein shouldn’t be an issue for a mortgage broker. Seems we are connected, give me a ring.

@Shane Brooks if these properties are based in CO I can check my sources to see how old the appraisals can be for just a regular transfer. Keep in mind that this would up to then original lender playing ball in having their company transfer them.

Appraisal waivers have really no rhyme or reason sometimes. You’re also assuming that the appraisals were logged, which it’s possible that they aren’t in a timely fashion. There are plenty of companies that will just take a transferred appraisal. You’re getting close to maybe being out of scope though, so I would act fast. Send me a PM if you want.

@Dave McCulley there are some pretty important things to consider when purchasing a 3-4 unit with FHA. I'm based in TX, you are welcome to connect with me for specifics.

@Val Valerio generally speaking if you resided in the home for more than 1 year you should be good to go with just renting it out. If/when you choose to refinance it, you will have to classify the property now as an investment property.

That's goes without saying that depending on the current loan on the home, it might give you some issues on your next one. Say if the loan was FHA or USDA. That's why generally you want to be past the 1 year mark.

@Lee Ovalle depends on the state. In the state of TX you can not do a cash out on any govt loan, include VA. Although in other states you are able to get up too 100% LTV, most places will not finance more than 90% based on recent changes in the last 2 years.