All Forum Posts by: Upen Patel

Even if everything works your, "technically" it not a cash purchase, since you are borrowing unsecured money from your brother. So you will have to wait for at least 6 months to do a cash-out refi.

Hey! @Max T. Thanks for the tag.

Hey! @Sebastian E. Yes, you can buy this using FHA as long as you are going to be living in one of the units. You don't need to be using the store front for your own business. It would just be viewed as another rent unit.

30 yr fixed portfolio loans for residential 1-4 unit properties with LLC title

There are some specifics:

• 1-4 unit residential property
• For purchase, rate and term, cash-out
• Loan terms - 30 yr fixed, 15 yr fixed, 5/1 AMR, 7/1 ARM
• DTI upto 60%
• LTV upto 90%
• Can title to LLC, Partnerships, C-corp, S-corp
• Derogatory credit allowed - bankruptcy, short sale, foreclosure, deed in lieu
• $100,000 loan min
• FICO as low as 540

Some other things I can cover under this portfolio program:

1. Non-warrantable condo
2. Condo-tel
3. Foreign National
4. 12 month and 24 month bank statement loan
5. Asset depletion loan
6. Asset backed loan
7. DSCR loan
8. No ratio loan

Upen Patel

Vice President, The Federal Savings Bank

web: www.thefederalsavingsbank.com/upenpatel

cell: (571) 331-5161

email: [email protected]

Federal NMLS# 1374243

app: https://www.thefederalsavingsbank.com/en/mortgage-application/start?b_id=upatel&bp=1

Hi! @Alejandro C. I am a national direct lender. I routinely do multifamily (2-4 units) loans for both owner occupied and investment. I can use the rental income to help you qualify.

If this is your 1st purchase, and your and property qualify then I can even do a 5% down Freddie HomePossible.

Checkout my reviews and you will see what others think about me.

Lets speak.

@Account Closed Why do you need to wait for 6 months again? Seems like an internal overlay of the lender you are working with. If you recently graduated, then there is no work history required. If you have been working, then you just need to show 2 yr of continues work history. You don't have to be at the current job of 6 months.

If you have the 3.5% saved up for a FHA, then you just need to switch to a lender that doesn't have crazy internal overlays.

Hi! @Jeff Kehl I appreciate your comments and do see your view point.

How is offering this loan option any different then buyers/investors looking to buy with no money out off pockets? BP is full of folks looking for that.

Any many investors start out with buying their 1st property as owner occupy. So this loan would give them the option to do so with min money out of pocket.

As with any investment, each individual and transaction is unique. And each individual needs to make their own decision on if a certain loan option works for them or not.

Buyers - You no longer need to put off your decision to own your house, just because you have not been able to put together the needed down payment.

Realtors - Help your clients achieve the dream of home ownership and grow your business in the process.

• 1st loan - FHA - 96.5%
• 2nd loan - 3.5% - Loan paid back over 10 yr @ 8%
• Min FICO 640
• Owner occupied 1-unit purchase
• No First Time Home buyer restriction
• Loan limit - Conforming FHA loan for your area (NO FHA High Balance)
• Income limit – Household income < 115% AMI
  • https://www.huduser.gov/portal/datasets/il/il2017/select_Geography.odn
  • Income for everyone in the house older than 18 is included (even if they are not a borrower)

• Loan min $100,000
• Max DTI - 55%
• No homeowner education requirement
• One time admin fee of $399 paid at closing

Here is a scenario (as of 3/24/2018)

• FICO - 680
• Purchase price - $200,000
• 1st loan = $193,000 (FHA - 30 yr fixed @ 4.75% + 1.3 pts) = $1,163.50/month (includes MI)
• 2nd loan = $7,000 (10 yr @ 8%) = $84.93/month
• Above doesn't include taxes, insurance and HOA.

This is the right solution for someone who has decent credit, makes good money, but has not been able to save the money needed for the down payment.

What are you waiting for? Contact me today.

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

Upen Patel

Vice President, The Federal Savings Bank

web: www.thefederalsavingsbank.com/upenpatel

cell: (571) 331-5161

email: [email protected]

Federal NMLS# 1374243

app: https://www.thefederalsavingsbank.com/en/mortgage-application/start?b_id=upatel&bp=1

@Nathan Wiebe If you have been filling your US taxes and have an established/current US credit file, then you would be able to get conventional Freddie/Fannie financing. Through the price point you are targeting might be an issue. Low value properties are harder to finance.

@Steve C. There is no such thing as a Fannie Mae Non-warrantable loan. Fannie doesn't do non-warrantable loans. The only exception is for small condos, where there is a process to apply for a waiver, which costs about $200-$300. If you do get that waiver then it is a standard condo loan and shouldn't carry any premium.

I guess what I am trying to tell you is that you are being played with. The lender is either BSing OR its a portfolio non-warrantable condo loan.

Hey! @Adam Rothweiler Why are you looking at a portfolio loan? You can get a conventional Fannie/Freddie loan for 1-4 unit residential properties.