All Forum Posts by: Upen Patel

Hey! @Dillon Rachman What are you? Realtor? Lender? Hard money lender?

Doing loans for Co-op is very tricky. Co-op is ONLY for owner occupied purchase. The Co-op board holds the decision as to who can buy. They will interview the buyer and can deny them. The Co-op board also hold the authority as to the type of loans they will allow and the lenders they will allow. If you are a hard money lender, then you are out of luck.

@Account Closed Getting a HELOC on an investment property is going to be tough, especially if you are looking to get a high LTV. With mortgage rates this low, why would you want to get a HELOC? Why not do a cash-out refi and lock in the rate?

For conventional financing there is no time restriction. But be ready for the underwriter to ask for a 2nd appraisal to confirm value. So the loan process will take a bit longer.

These loans are not available at this time.

Hey! @George Hausmann

Adding to what @Russell Brazil & @Adrienne Green have already stated.

Typically you go for FHA 3.5% down if you have bad credit, buying a 2-4 unit, or looking for the higher DTI. The higher DTI for FHA is currently not available, so that's not an advantage anymore (at least for the time being). So for a 1-unit property, I would recommend going with a conventional 3% down, which is still available with a few lenders. As long as you can qualify for the purchase on your own you will be fine.

Want to let you know about my banks Direct loans.

• TFSB Direct for FHA, VA, USDA
• Conforming loan limit per county - up to 4-unit residential (NO high balance)
• Min FICO 640
• Max DTI per agency guidelines/AUS
• Max LTV per agency guidelines
• Aggressive pricing
• Loan min $100K

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

**************************************************

Terms and conditions may vary. Subject to underwriting approval.

Member FDIC and Equal Housing Lender.

I am still able to do cash-out refi for investment properties

Fannie/Freddie 30 yr fixed

Title in individual name

Contact me before my bank joins the list of others who have stopped offering cash-out refi for investment properties.

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

**************************************************

Terms and conditions may vary. Subject to underwriting approval.

Member FDIC and Equal Housing Lender.

Mortgage banking is not as easy as its made out to be. And if you want to be a top producer like Chris and I then you are surely putting in a lot of time.

There are lots of rules, regulations, guidelines to keep a track off. Which just not possible if you are not committed and doing it as a side hustle. You will end up screwing up more loans then you will be successful with, and will piss off borrower/realtors in the process. Not the best approach to growing your business as a mortgage banker.

I am personally looking to hire bankers, but no way I am going to bring someone on board on a part-time basis. It is bound to fail, and I would hurt my reputation along with it.

Hey! @Nicole Heasley Beitenman Is this a 1-unit property? If yes, I can fund you with a Fannie rehab loan (if you qualify) even if it is an investment purchase. You put the down payment and the bank will fund the purchase + rehab.

Lets speak. Feel free to call me or grab time on my calendar - calendly.com/upatel

Upen Patel, Senior Vice President | The Federal Savings Bank | web: mortgagefinancepros.com | calendar: https://calendly.com/upatel | cell: (571) 331-5161 | email: [email protected] | Federal NMLS# 1374243

Hey! @Alan Mills To get a Fannie/Freddie loan (good rates) you have to season the purchase for 6-months to be able to do a cash-out refi. You can get the refi process started, but can't close until the day after the 6-month seasoning has been meet.