All Forum Posts by: Upen Patel
Upen Patel has started 49 posts and replied 1759 times.
Post: Airbnb Financing available
- Lender
- Nationwide Lender
- Posts 1,884
- Votes 813
@Kevin Olson I do have a portfolio loan for investors - 15% down, 1-4 unit, full doc underwrite. I cover all 50 states. Reach out if you are interested to learn more.
Post: 10% Down Payment Vacation Home Loan
- Lender
- Nationwide Lender
- Posts 1,884
- Votes 813
@Evan O'Brien Which technically you can get a Fannie/Freddie 2nd home loan with just 10% down, good luck finding any workable rate/points. Rates for 2nd home and investment properties are very very bad right now. My bank has launched a portfolio loan that would allow a qualified individual to buy a 2nd home loan with just 5% down, No MI and very attractive rates.
Post: Hard Money Lending to cover mortgage downpayment?
- Lender
- Nationwide Lender
- Posts 1,884
- Votes 813
You can't use borrowed funds for any part of a traditional loan (down payment, closing cost, reserves). And loan programs have CLTV (Combined LTV) limits, so you would can capped out there as well.
Post: Advice on becoming Mortgage Broker in FL (AL, GA, TN)
- Lender
- Nationwide Lender
- Posts 1,884
- Votes 813
Thanks for the tag @Russell Brazil
Hey! @David A Lisowski I am a mortgage banker. Would be happy to speak and share my insights.
Post: New California ADU Law 2020 : Advice needed
- Lender
- Nationwide Lender
- Posts 1,884
- Votes 813
Post: Up to 90% LTV, Investment 1-4 unit, as low a 4.75%
- Lender
- Nationwide Lender
- Posts 1,884
- Votes 813
- Product: 3/1 ARM
- Fees: All loans charged 1 (origination) point and $1,338 lender fees
- Investment Property: Single-family, Warrantable Condo, PUD, 1-4 unit
- Loan Amount: Conforming and High-Balance (based on county loan limit)
- Loan Purpose: Purchase or Rate/Term Refinance (NO Cash-out)
- NO MI
If you would like to have a discussion, then please grab time on my calendar - https://calendly.com/upatel
You can submit your loan application at - http://apply.thefederalsavings...
I Lend in ALL 50 states!
**************************************************
Terms and conditions may vary. Subject to underwriting approval.
Member FDIC and Equal Housing Lender.
Post: Investment Cash-out refi
- Lender
- Nationwide Lender
- Posts 1,884
- Votes 813
Originally posted by @Akiesha L Worley:
@Upen Patel - Are you still offering these loans or are aware of which banks are?
Yes, I can still do cash-out refi for investment.
If you would like to have a discussion, then please grab time on my calendar - https://calendly.com/upatel
Post: Appraisals came in WAAAAY too low? Options?
- Lender
- Nationwide Lender
- Posts 1,884
- Votes 813
Originally posted by @Jeff Plotkin:
I just took a much deeper dive into the comps the appraiser used and they are not representative at all. For one of the homes, all 3 comps they used were over 1 year old, and one of them is a mobile home (which the subject property is not). For the other home, I upgraded it from a 3 bed/2 bath to a 4/2, but the comps they used were all 3/2s and out of date homes. Both of these homes were updated head to toe and the comps did not have anything new. I provided 3 new comps for each home to my lender who should be communicating them to the appraiser.
To those who say not waiting the 6 months of seasoning weighs down the comps, how is this true when the appraiser is only using 3 comps per home?
This is an issue with an incompetent appraiser. Has nothing to do with an appraisal being done before 6 month seasoning. An appraisal is done the same way, irrespective of the seasoning.
Have the lender appeal the appraisal and provide a detailed bullet list along with comps. If the appraiser doesn't agree to make chances, then ask the lender to do a 2nd appraisal.
Appraisal is a human process, so it is likely to have a variance in value, but it still does follow a certain set of guidelines.
Hope this helps.
Post: Success Story: $1.6MM VA purchase loan, 0% down, 4-unit, 65% DTI
- Lender
- Nationwide Lender
- Posts 1,884
- Votes 813
I just closed a $1.6MM VA purchase loan for a 4-unit, 0% down, 65% DTI (yup, that's not a typo).
Contact me for your success. I deliver with I promise.
If you would like to have a discussion, then please grab time on my calendar - https://calendly.com/upatel
You can submit your loan application at - http://apply.thefederalsavings...
*************************************************
The information contained is subject to change without notice.
Terms and conditions may vary. Subject to underwriting approval.
Member FDIC and Equal Housing Lender.
Post: FHA Loan Requirements
- Lender
- Nationwide Lender
- Posts 1,884
- Votes 813
Originally posted by @Aaron Maghen:
Hi everyone!
Question about the FHA loan. Does anyone know details about the "primary residence for 1 year" requirement? Is it heavily enforced?
I want to get an FHA loan but I don't want to live in the property for a year. I tried to research the topic but couldn't find much on it.
Thanks in advance :)
When you go in with intent to violate the requirement, its mortgage fraud, a federal crime. FBI might decide to enforce the orange jumpsuit.