All Forum Posts by: Upen Patel
Upen Patel has started 49 posts and replied 1759 times.
Post: Refi to get max cash?
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Originally posted by @Jaysen Medhurst:
@Chris Roche, you don't have to refi to eliminate PMI. If you prove to the lender that you now have 20%+ equity, you should be able to get rid of it. Will probably have to pay for an appraisal. Talk to your lender
Go SOX!
For any recently originated FHA loan, the PMI is for the life of the loan if the original down payment is <10%. If the down payment is >=10% then the PMI would drop off after 11 yrs.
Even if this was a conventional loan and PMI could drop off, the general guideline is that the PMI will drop off when the LTV get to <80% based on the original amortization schedule. In other words paying down the loan. NOT based on market appreciation. If the loan has been open for a long time, then lenders are willing to reappraise to remove PMI.
Post: qualifying for a home loan
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@Evan Coburn The only exception is if you recently graduated from a college/university/trade school (e.g. Nurse) and can document it. AND you have a salaried W-2 job. Then you don't need two yrs of work history.
Post: Wholesale friendly Virginia title company recommendation?
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Hi! @An Duong What part of VA? City/County?
Post: HELOC on Investment Property
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@Risha Walden Very very few banks will do a HELOC on an investment property and you will pay a very high rate, which will be floating (going up with fed rate). Why not get a 30 yr fixed?
Post: New REI Couple from Chesapeake, VA!!!
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Hi! @Stefani Gillenwater Welcome to BP.
Post: Title Comapny / Real Estate Attorney in Virginia
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@Dantwan Gatling Virginia is a big state. Which market are you looking for?
Post: financing and buying
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@Julie J. Your options depend on the type of property you are looking to buy and its occupancy. If its is a 1-unit and you are going to owner occupy it, you can buy it with just 5% down.
If you share specifics, then I can point you in the right direction.
*** Moderator - I am not soliciting. Just clarifying financing options for OP. ***
Post: In a pickle : I need money for a down payment... 401k loan?
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@Joshua Herald Bank fund seasoning requirement is 2 months, not 6 months. Not sure if that makes a difference for you, but your broker might have some internal overlays.
As for a 401(k) loan, there is no requirement of paying it back within 60 days. Its a loan. As long as you continue to pay it back, it doesn't trigger a distribution.
No, you can't get a personal loan and use those funds for the down payment. That's called unsecured funds and they are not allowed.
Post: New Member (Real Estate Agent)
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Hey! @Helen Dennehy Welcome to BP and good luck with your new career.
Post: moving to PA on paper but staying in NJ in order to get 5% down
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Originally posted by @Account Closed:
im in north jersey and was thinking if this might be a good move.
i would move to PA on paper changing all docs needed. I then will stay in NJ and work in NJ but would this allow me to buy a place putting 5% for living in the property? because if not than i would have to put 25% down and that i cant do.
You can certainly do that. Along with the "move" to PA, you will also get a move to the Federal prison, 0% down, courtesy of the US Govt.