All Forum Posts by: Upen Patel

@Zac Vaughan Sorry to hear about your lender messing up. I am licensed in All 50 states. We don't have an internal overlays. I am happy to look at your scenario to see if I can make it workout for you and help you save your EMD and money you have spent.

@Edo Y. Based on your post, I am assuming that you are self-employed. Given that your reported income will qualify you for a standard loan, you other option is a non-agency bank statement loan. You can't use investor solutions suggested by others, as those are for an investment purchase, and you are buy a primary residence.

@Brandon Harris Lets speak. I can get this done for you. I can use your rental income, don't need any seasoning on tax returns.

Out Home Equity Loan (not HELOC) is a relationship based product. So we either need to have a prior relationship (which we don't have) or they will approve you and then issue the loan in parallel with another purchase loan (i.e. to use for down payment on the purchase of an investment property).

@Brian Ellis VA (0% down) & FHA (3.5% down) will allow for owner occupied mixed use (max 4 units). Commercial sq ft can't be more than 50%.

Reach out if you like to learn more. I can get you pre-approved.

@Greg Cook If you buy a property as a 2nd home/vacation home, then you are allowed to do rentals when you are not using it. The expectation is that you use it. But at the end of the day, the lender is generally not going to come after you if you make your mortgage payments.

I have a 5% down (FICO 720+) 2nd home/Vacation home portfolio loan, NO MI, ALL 50 states. Reach out if you are interested in learning more.

@Izaiah Daughton You should be able to qualify. What we look for is stability of income. If your income has been the same or upward moving then we would be fine.

Yes, you can use 75% rental income for a multiunit purchase to help with DTI.

Reach out if would like to discuss more and I would be happy to go into details.

@Jesse P Neumann It all depends on the details. If you bough the property in cash, then you can do a delayed cash-out refi within the initial 6 months, without any seasoning. The cash-out amount is limited to the lower of: Max allowed LTV or purchase price + purchase closing cost.

Reach out if you would like to discuss more. Happy to help and point you in the right direction.

@Andrew Rader Rental income can't be used on a 2nd home loan.

I do have a 5% down 2nd home loan and a 15% down investment loan with very aggressive rate. Maybe they might help you qualify for what you want.

@Craig Clark Lets speak. I am a banker and I can help funding sales even before you hit the 50% required to get Fannie/Freddie approval for conventional loans. If you the investor and the project is approved by the board, then we will do Fannie/Freddie loans for the buyers and hold them on our books, until the project meets the requirements. We will work with you to get the project Fannie, FHA, VA approved.

@Tony Mayo As someone mentioned, you can do a cash-out refi of your current portfolio into a bundled/cross collateralized loan. This would free up the conventional slots for you to buy more. These loans are generally ARM, so you will loose the 30 yr fixed.