All Forum Posts by: Upen Patel

@Account ClosedWhat you are contemplating is mortgage fraud a Federal Offence. If you get caught, you will be happy if they only thing they do is reposes the property. More then likely you will be prosecuted and might get a new address courtesy of the federal jail system.

There are some portfolio lenders that will do foreign national loans, but the LTV is real low. I think 60% LTV for Canad, UK, Australia (since there is some semblance for credit tracking in these countries). The rest is 50% LTV.

Hi! @Paolo NascimbeniWelcome to BP.

Hi! @Sim PeyronWelcome to BP. In your area you have residential multi-family properties (2-4 unit) which would be a good start. You can get a 30 yr fixed loan at a low rate, and multiple tenants to spread your risk.

@Majour BeyUSDA loans are ONLY for owner occupied purchase properties.

Hi! @Judah HouserWelcome to BP.

@Chris BillingtonGood point. I would still recommend you look at refi option when you are ready to move. Would reduce your risk factor for long term buy and hold.

@Lacey S. Your mortgage banker is a moron and don't know how to read regulations/guidelines. Your loan should be based on your actual loan payment terms.

Find a different mortgage banker.

On a separate note, if you recently did a refi on your primary residence, then you will have a hard time getting a new mortgage as a primary residence. Fannie/Freddie is clamping down on this. They want to see that you are in your primary residence for 12 months. If you have a valid reason to move and get a new primary residence then it should not be an issue.

@Eric Mcginn

@Account Closed covered the main aspects. Only your county can answer zoning questions.

With regards to financing, it also comes down to how the property is recorded in the county land records. If its recorded as a quad, then you are fine even if there are 2 units. Anything else would require significant investigation to figure out how to do the loan. Could come down to your only option being a residential portfolio lender.

@Kareem Hyman Yes, you can use a FHA loan to buy the 2nd property. In fact you can reuse the FHA loan over and over again. The limitation is that you are only allowed 1 FHA loan at any given time.