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All Forum Posts by: Upen Patel

Upen Patel has started 49 posts and replied 1759 times.

Post: Can expats outside of the US finance a house?

Upen Patel
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@Dino Ca I have had this scenario many times with clients and the answer is different for each scenario. Fannie/Freddie have some crazy guidelines, which cause loans to trip up (e.g. You can't have your PR address as a foreign address, your foreign income has to be reported on your US tax returns, majority of your asset statements have to be to the US address (again going back to your PR), etc.).

For your specific scenario I think the answer is NO.

Yes, your wife can get a mortgage as a foreign national. She wouldn't have to source her income. Just form a US LLC to hold the property, move funds to the US for the down payment/closing cost. And the loan would be a DSCR loan underwritten based on the cashflow of the property.

Hope this helps to get going.

Post: San Diego VA loan House Hack

Upen Patel
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@Ben Pepin As others have stated you can use rental income from the other units on a multifamily (2-4 unit) purchase, and you will need reserves.

One thing that's not been stated is the VA loan DOES NOT have a DTI limit. If you have plenty of funds in reserves (more then the min 6 months required) and your VA residual income is no (will depend on what else you have on your credit), you could potentially be approved for a VA loan with DTI well North of 55-57%. I have closed multi MM VA loans with DTI as high as 67%.

The point being, the VA loan is very flexible for the right individual. Find a good lender and start the pre-approval process. The only way you will know what your potential purchase power is. Potential because you can guess the rental income, but no way to know until you actually have a property.

Hope this helps.

Post: Trouble getting financed

Upen Patel
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@Terry M Jordan What did the appraisal say? How is the property zoned?

Post: Which refinancing scenario is easier?

Upen Patel
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@Carlos Josue Hernandez If you are looking for a rate and term refi, there is no wait period/seasoning. If you are looking to do a cash-out refi, then you have 6-month seasoning requirement.

The time of loan being paid off doesn't matter.

Post: Travel Nursing Mortgage

Upen Patel
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@Dave Green If you have 2 yr history of stipend you can potentially use it. Through keep in mind you would not be able to buy a PR as travel nurse. For a PR loan you are making a commitment that you will owner occupy it for at least 12 months, but you can't given your job.

For an investment purchase, you can also use the rental income from the property being bought to help qualify.

Hope this helps. Let me know if you have additional questions.

Post: Trouble getting financed

Upen Patel
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@Terry M Jordan Is the physical property straddling both parcels? Or the property on 1 parcel? Is this a new construction or old? You state there is a 2nd house. Is this a 1-unit property or 2-units? What does the appraisal state?

Details are very important in scenarios like these.

Post: Mortgage lending assistance

Upen Patel
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@David Cranor Sorry for your loss.

Please clarify what you are looking to do, so we can be of help.

Post: Looking to Build My Core Four for BRRRR or House Hacking

Upen Patel
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@Logan French You can take advantage of a Physician loan to by a 1-4 unit (owner occupied) and house heck. This will allow you to keep your down payment low.

You should speak with a lender and get pre-approved before you start looking at properties. Each lender has their own guidelines for the Physician loan.

Post: $1,000,000+ First Property

Upen Patel
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@Jayden Melo The issue you will likely run into for a 3 or 4-unit using FHA is the FHA Self Sufficiency test. FHA doesn't require this for a 2-unit. Property values have gone up, rates have gone up, but rents haven't gone up as much, which results in properties failing especially in high priced cities (DC, NYC, LA, Seattle, etc.).

If you are in the healthcare field, there are special programs that you can take advantage.

Hope this help. Lets me know if you have any questions.

Post: Physician Loan in CA

Upen Patel
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@Eric Chiang You can certainly buy a 1-4 unit using a Physician Mortgage loan. Each bank has their own guidelines.