All Forum Posts by: Upen Patel
Upen Patel has started 49 posts and replied 1759 times.
Post: FHA and FHA 203(k) loan with rates as low as 2.25%
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Call me now!
- Direct Lender
- In house processing and underwriting
- Rates as low as 2.25%
- NO DTI Max - Based on AUS approval
- 1-4 unit residential
I Lend in ALL 50 states!
You can submit your loan application at - http://apply.thefederalsavings...
If you would like to have a discussion, then please grab time on my calendar - https://calendly.com/upatel
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Rate as of 7/30/2020. 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: VA loan rates as low as 2.25%, 0% down, No $$$ limit, Nation Wide
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Call me now!
- Direct Lender
- In house processing and underwriting
- VA 0% down, NO loan limit
- NO DTI Max - Based on AUS approval (just closed one at 65% DTI)
- Rates as low as 2.25%
- 1-4 unit residential
I Lend in ALL 50 states!
You can submit your loan application at - http://apply.thefederalsavings...
If you would like to have a discussion, then please grab time on my calendar - https://calendly.com/upatel
**************************************************
Rate as of 7/30/2020. 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: Conventional loan for duplex
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Originally posted by @Kevin Akers:
Is it possible to get a conventional loan for a duplex? I am looking into buying one, but the lender is wanting 20% down because it is viewed as an investment property. I thought I heard you can get a conventional loan for a duplex?
There might be some confusion about what is a conventional loan. You might be confusing it with government backed loans (FHA, VA, USDA).
Conventional loan = Fannie/Freddie loans. For that as an owner occupied purchase the lender is generally right. Min down is 15%. Under some very specific conditions you can get a conventional loan with just 5% down.
If your transaction doesn't qualify for a 5% down conventional loan, then you would want to look into FHA 3.5% down.
Post: High DTI...difficulty finding a lender
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Find a lender that can:
- Go to 50% DTI for agency loans
- Can use 75% of rental income on purchase and/or recent purchase that's not on a tax return
If you are buying a good cash flow property and the lender can do these two basic things, then the purchase should work out. Of course there is lot more that go into review/underwriting, so don't want to say that it's a slam dunk.
Post: Overseas for years so can't qualify for loan, have $100K cash?
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Originally posted by @JD Bock:
@Upen Patel Yes, I'm currently "salary" and have contacted a CPA to get my past taxes sorted. I put "salary" in quotes, because although I'm employed right now, because of COVID, I'm only getting paid as a percentage of profit if and when there is some. I believe it is not doing much for showing income stability to a potential lender. I've continued to search for stable income, but again, because of COVID, I'm finding it difficult.
Life is difficult for many due to COVID-19. Hope you can get a stable job soon. Once you do have that and your tax situation is resolved, you should be able to get qualified for an agency loan. Good luck.
Post: 30 Year loan on a Commercial Property
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@Jonathan Davila Are these 1-4 unit residential properties? Are you willing hold title in your name? If the answer is Yes to both, then you might be able to refi the properties into a conventional 30 yr fixed. There is lot more then just that. Speak with a goo mortgage banker and you can go from there.
Good luck.
Post: Overseas for years so can't qualify for loan, have $100K cash?
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@JD Bock What is your earning situation in the US? Salary or 1099/self employed? If salary, then you should be fine once you get your tax situation sorted out. If 1099/self employed, then you will need to reestablish 2 yr of income history to be able to qualify.
Post: If I refinance my primary house can I rent it out
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Originally posted by @Luther A.:
I have a high interest rate on my primary house. I am looking to refinance then rent it out to someone. Would the mortgage company allow me to do that?
You can certainly refi your primary as a primary home. Just keep in mind that you sign a document at closing and make a commitment that you will owner occupy the property for 12 months. After that you can rent it and there is no harm. On the other hand, if you intend to do the refi as an owner occupied primary and then turn around and rent it out, then that's mortgage fraud. You might not get caught. But if you do then you will not like the outcome.
Post: Cape Cod vacation rentals
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Hey! @Jim Anza If you intend to using the property for your self and rent it out when you are not there, then you might be able to buy it using a 2nd home loan with 10% down. It will depend on your real estate profile. If you are buy it just for investment purposes, then you want to buy it with an investment mortgage.
Post: Lender just pulled my credit...Do I go check with others?
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@Manasseh Arnold do speak with other lenders, but no just to "shop". There will always be someone out there who is going to be willing to give you a lower rate. They are competing on rate because they can't compete on anything else, i.e. service, skill, etc. If you find a lender that you like and they are offering a competitive rate, stick with them. You don't want to pick a lender for a low rate and then they give you a heartburn during the loan process.
You stated that you are looking to buy an investment property. And you also stated that you would like to use your VA benefit. You can only use your VA loan for an owner occupied purchase. You can certainly buy a 2-4 unit residential property, live in one unit and rent out the other units. A good lender should have had a conversation with you and explained these things to you.
Good luck