All Forum Posts by: Lakshmi Nikitha Duggirala

I have done some research and found that there are in fact portfolio lenders that offer jumbo loans for up to 95% LTV.

Have any of you ever heard of or had experience with Alliant, American Loans & Mortgages, Angel Oak Home Loans or Caliber Home Loans? @Brian Garrett @Andrew Postell @Luke G.

@Andrew Postell I have asked that agent for the name but he hasn't yet responded and I doubt he will give it to me. If he gives up the name, I have no incentive to use him for my next purchase so I'm guessing that's his leverage. 

@Brian Garrett I hope you saw my response to @Andrew Postell. You are correct in that it is a commercial/portfolio loan. I was skeptical too as it seems too good to be true, but I guess the reason they offer it and it works is because their criteria is high-income producing individuals with 6 months of cash reserves to be able to pay the mortgage, property tax and insurance. If you're able to show such reserves, that essentially mitigates the lender's risk.

Have you come across any portfolio loan companies that offer good terms? 

@Andrew Postell Thanks for the response Andrew. I am aware that that's possible on primary home as I used a conventional 5% down with no PMI on my primary home. However, I was told some lenders out there that are willing to get creative.

Below is an email from the real estate agent I used on my primary home: 

"Btw I have a new lender from out of state I've been using. He does 5% down at only 3.75 to 4% fixed 30 with no pmi on purchases and doesn't check that you didn't refi or buy another property in last 6 months. It's a portfolio loan not conventional so has no income limit areas either. They keep it in house. I used him for a doctor client and he said can give loan to anyone with strong income. It's not a federally backed loan, the bank holds it for their own profit. You do need 6 months of reserves for mortgage+taxes+insurance but he counts retirement accounts as reserves."

Based on his email, I thought there's got to be lenders out there that are more flexible with their loans as long as they have other guarantees (high income and cash reserve). So my question was does anyone know of lenders who are flexible and offer 5% down (instead of 20% - 25%) on investment properties.

Thank you,

Niki

Hi everyone,

I recently found out from a real estate agent that he found a flexible lender who does does 5% down at only 3.75 to 4% fixed 30-year with no PMI on purchases. They keep it in house and can provide a loan to anyone with strong income. It's not a federally backed loan, the bank holds it for their own profit.

I was wondering if anyone knew companies/lenders like this and could recommend a few names. 

Thank you in advance!

Niki

Hi, I am looking for an estimate on how much insulation would cost. I need insulation (can be blow-in, cellulose or fiber glass) for the ceiling in my basement. This is already a finished construction that has been inhabited. 

I know it range and depends, but I'm looking for just a rough estimate so I can budget accordingly. 

Also, does anyone have recommendations for affordable insulation providers in the Chicagoland area? My zip code is 60618 (Avondale neighborhood). 

Thanks everyone!

@Arianne L. Properties that are foreclosed are still at market rate correct? Are properties cheaper in a short sale and how do you go about finding properties in a short sale? Is it worth the hassle? 

Can someone please explain what delayed financing is please? 

@Arianne L.  When you used $72k of your own cash for your first purchase and got a hard money lender to finance the rest and the rennovations, did you also have more money set aside for the interest to the lender? 

@Arianne L. I appreciate the quick response! I've been given a lot of caution in using hard money lenders so I didn't explore that option yet. Are you willing to disclose the interest rate or range you pay your hard money lenders?

@Arianne L. this is so inspiring and congrats to you and Chris!! My biggest question with doing a fix and flip  is how do you raise the capital to purchase the property and do the renovation ?  Did you have any money down and if so  how much was it ?  And how can you do it with little or no money down if you don’t have enough savings yet ?