All Forum Posts by: Paul Defngin

Rian Ash try asking your lender to do the loan as a non-warrantable condo.

Booker Mcarthur the answer to your question is yes. You can refinance and deed transfer the property from the LLC into your personal loan at closing. Send me a PM if you would like more info or have any questions that I can assist you with.

*don't do

Zack Clopper not only is that not a good rate, it's too small. Why are they only giving you just over $12k? You have a lot more equity than that. Aaron Marshall is right about Tower FCU. They will go up to 100%. I referred clients to them all the time as I don't don't HELOCS. Matrix Tiers are as follows: Up to 80% CLTV: Prime -0.50% 80.01-90% CLTV: Prime + 1.00% 90.01-100% CLTV: Prime + 1.25% Minimum credit score is 680. They do have some quirky guidelines, particularly they will only consider rental income of properties if you can show it on your tax returns and they will only consider 3 investment properties. SMH on that one but they set the rules :-)! Oh, one last thing. FCU typically are much more conservative when it comes to appraisal value though, so if the comps are a concern of yours, then they may not be a good fit. PM and I will put you in touch with my point of contact there. He'll take care of you.

Miguel Biberos your income, equity, and credit are all going to be factors/components when qualifying.

Jennifer Fernéz you can buy a SFD, condo, or townhouse with as little as 15% down, subject to PMI. You can buy a multi 2-4 unit bldg with as little as 3.50% - with FHA but you'll have to live in one of the units. Again subject to monthly FHA MIP. One of my nurse clients bought a 4 unit property in DC. Lived in one for 1 year. The she rented it out. Flash forward 5 years later convert the whole building to individual condos. Sold each and made 4 x the original price she bought the property 5 years earlier. She did well under 1M after factoring all expenses incurred.

Linsey Conlon you most certainly can do a cash out refinance loan on an investment. All day long, provided you have the credit scores, can income qualify, and have the equity which sounds like you do on the info you kindly shared. Let me know if I can assist with anything. Cheers.

David Rutledge I forgot to also note that there is no minimum time frame for you owning the property to be able to use the rental income. If I were the underwriter, I would want you to document that you have been receiving the rental income-not a guideline but can strengthen your case for review and approval.

David Rutledge call another lender. That's not quite true. You can use the lease to offset the mortgages on the rental properties. If positive cash flow, it counts as income. If negative cash flow then it counts as a liability. lThat said, each lender may have their own overlays. Best luck.

Ken Min I think you are misunderstanding something. FHA is for owner occupied but no where does it say that it must be for First Time Home Buyer-only. And yes, you must occupy the property for at least 1 year as your primary home. See, easy. Not too complicated 😂 You can even have two FHA loans if you meets certain very specific situations/criteria , i.e. Relo, number of miles between the homes, etc. By the way, we are trying to help you here, not being argumentative. Rather our comments here is to perhaps help you seek a different lender and LO because he or she is giving you bad advice. Anyway good luck with your endeavors, my friend.