All Forum Posts by: Upen Patel

@Mani Swagath You can only get 10 conventional loans per individuals. Once you cross that you are into portfolio residential lenders or commercial lenders. If you are married, as your wife has income to support a loan, then you can get additional conventional loans under she name.

@Rian Ash You are not limited to just 4 conventional mortgages. You can get up to 10 conventional mortgages per individual. The primary residence counts against you even if you are not on the loan. So between you and your wife you have have 19 properties financed using conventional loans.

Cash-out is limited to 6 properties. Property #7-10 can only be purchase loans or rate-term refi.

You are on the right track with regards to refi to your name and remove your wife from the title. That way there are no questions raised when you go to get a mortgage in your wifes name.

@Kris Johnson Self-employed (no W2 income) is fine, but NO tax return is  a BIG NO NO.

From your profile looks like you don't live in the US. So don't qualify for any conventional loans. Portfolio lenders might do a loan, but the certainly need a US borrower. You probably don't fall in that category. You would be an Ex-Pat.

@Lauren Norman What the realtor stated does not make sense. FHA 203(k) is a rehab loan and does not need the house to be in a habitable stated. The HUD inspector is going to inspect the home and identify issues with the house which HAVE TO BE done. These items are not optional and most likely over and above what you had planned.

The issue might be that the house had some major issues that the seller does not want to be found. The would have to drop the price to give your room to get the rehab done.

The other issue could be that the buyer could not get qualified for the loan. Which happens all the time.

@Nate Burnett The lender might be able to give you an exact # (since some of it dependent on 3rd party, insurance you pick, tax, etc.), but they certainly should be able to give you an estimate. Find an another lender. From what you are stating, sounds like a bait-n-switch. You are likely going to get a rude awakening towards the end.

Thanks @Charlie Fitzgerald

@Reece Boyd I am assuming that you are talking about a Non-Occupant Co-Borrower. FHA will allow this, but it is very restrictive. 25% down.

Ah. I believe they only lend in Virginia, Maryland and DC. Which state is the property? I can check with them.

Thanks @Russell Brazil

@Kyle Blake What Russell said is correct. Your rental income can be counted to qualify you for a higher value property. You would get 75% of rent credited as income. The reason I say can is because FHA (and VA) look for two yr "landlord experience" to allow you to use the rental income. There are ways around this, but my mortgage bankers don't know how to work it.

@Therese V. I can recommend you to someone that does HELOC on rental properties.

PM if you want the contact.

Moderator: This is not solicitation. I personally can't do the HELOC and the recommendation is not to someone within the bank. My contact is will an entirely separate entity that I have no affiliation with. Just trying to help out a BP member.