All Forum Posts by: Upen Patel
Upen Patel has started 49 posts and replied 1759 times.
Post: Construction loan - FHA, VA, Fannie/Freddie, Jumbo - Nationwide
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Looking to build a house of your dreams? Call me to discuss how I can help you achieve your dream. I did a tear-down rebuild for my current house, so I am very familiar with the process and you can gain from my knowledge.
- FHA - Max 95% LTV/LTC
- VA - Max 100% LTV/LTC
- Conventional - Max 95% LTV/LTC
- JUMBO - Max 80% LTV/LTC
I Lend in ALL 50 states!
You can see my real-time availability & book time with me: https://calendly.com/upatel
Not all borrowers qualify for all programs, must meet underwriting guidelines and are subject to credit review and approval. This does not constitute a commitment to lend. The disclosed closing costs are estimates. Actual closing costs and the portion paid by Seller may vary. The information contained is subject to change without notice.
Post: Condo loans - OO or investment - 30 yr fixed - Nationwide
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Don't ever be denied a condo loan again.
- Warrantable and non-warranable condo loans
- Conventional and non-agency
- Owner occupied and Investment
- 30 yr fixed
- Full doc
- $100,000 loan min
I Lend in ALL 50 states!
You can see my real-time availability & book time with me: https://calendly.com/upatel
Why wait. Apply now!: https://www.thefederalsavingsbank.com/en/mortgage-application/start?b_id=upatel&bp=1
Not all borrowers qualify for all programs, must meet underwriting guidelines and are subject to credit review and approval. This does not constitute a commitment to lend. The disclosed closing costs are estimates. Actual closing costs and the portion paid by Seller may vary. The information contained is subject to change without notice.
Post: Hello BiggerPockets! Greater Capitol Area Realtor Checking In!
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Hey! @Warren Berlin Welcome to BP.
Post: Financing on condo with low owner occupancy
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@Jack Thompson What you are running into is a non-warrantable condo. Very few lenders do non-warrantable condo loans, but that doesn't mean that financing is not available. Keep looking. You should be able to get non-agency 30 yr fixed for sure. If the lender doesn't have any internal overlays (and you qualify) you might even be able to get conventional 30 yr fixed.
Post: Non MLS listed multi family in Anchorage
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Originally posted by @Jamie Rose:
Nicholas,
As an investor myself and an investors real estate agent - I'd say it has gotten harder to find good cash flow if you're looking to do FHA or VA super low down payments. Optimism back in the market/city and increasing interest rates are making it a bit tougher - but not impossible. There are nice properties in the MF space being sold and bought multiple times a month.
I am sure you know, but Freddie 5% down is also a very viable option for a 1-4 unit purchase and it doesn't have any self-sufficiency requirement.
Post: Looking for an agent well versed in the FHA loan process/Indiana
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@Soulo Zample That makes not sense. As long as you are going to live in one of the units, you can use FHA/Fannie/Freddie/VA to buy a 1-4 unit residential property. Find a new agent.
Post: Commercial Property with Residential Mortgage
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Originally posted by @Jessica Zolotorofe:
@Upen Patel For an FHA loan, right? Is that what we mean by "residential"?
FHA, Fannie, Freddie, VA, even Jumbo all fall under the residential umbrella. Of course each of them has its own underwriting guidelines.
Post: Commercial Property with Residential Mortgage
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Originally posted by @Jessica Zolotorofe:
Even multi family is considered commercial, with any commercial component, I’m surprised to hear that a residential lender would lend, though, again, not sure what you are referring to when you classify the loan as “residential”? What makes it a residential loan?
Actually there are 5 lines (yup) in the big FHA handbook that specifies the requirements for a 2-4 unit mixed use. And I have successfully done that. It comes down to the mortgage banker knowing their guidelines and the bank following guidelines.
Post: Closing Problems With Occupied Building
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@Michal Kolenda That's what attorney review is for. Have your attorney make it a condition of the contract that the seller deliver one unit empty for you to be able to occupy. Without that your loan will not be approved.
Post: Which banks offer FHA on MIXED USE properties?
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Originally posted by @Jason S.:
@Upen Patel, what do you mean by internal overlays?
The potential lender can't have any existing loans, liens, etc with a current commercial tenant of the prospective property?
Agencies (Fannie, Freddie, FHA, VA, USDA) outline guidelines that lenders need to follow if they want to be able to sell the loans back to the agency. Most lenders will be more restrictive then what the guidelines allow for. This is know as an internal overlay.
So, in the case of this post, not all lenders will do a mixed use property even through FHA allows for it.