All Forum Posts by: Upen Patel

@Marcin G. You can't be on any mortgage, conventional or portfolio. You can try to buy it with your brother in a LLC owned by you and your brother. Find a portfolio lender that will do the loan based on only one of the partners, i.e. your brother. That way you at least get half a deal.

Keep in mind, if you don't partner then you loose the entire deal. Half is better then zero.

@Wayne Brooks As far as I know there is no wait period. The reason being, if someone buys with 3.5% down the only way they are going to be able refi into a conventional investment mortgage is if they have built up equity. Which is just fine. Keep in mind, they can't refi into a conventional owner occupied and then turn around look for a FHA loan. All lenders and investors are scrutinizing credit reports to make sure that there was no owner occupied loan in the last 12 months.

@Eric Drewniak Welcome to BP

@John Alba Are you buy as owner occupy or investment? Is the condo warrantable? Has your lender ordered a Condo Questionnaire and reviewed it?

Buying condo's is very tricky, since the financing options will depend on the warrantablity of the condo. Many factors can make a condo non-warrantable and restrict your loan options.

@Mike Nelson You will have a hard time finding a non-warrantable condo loan for that value. Typical non-warrantable condo loans are 7/1 ARM, 80% (Owner occupy) or 60% (investment) with a loan min of $100K.

@Cody Harmon I would not recommend doing a HELOC and then turn around are refi. Paying off the HELOC so quickly will trigger you having to pay back fees for the HELOC underwriting.

You can either keep the current loan + HELOC in place and convert the property to an investment. OR do a refi to investment loan and use the cash for the down payment/closing cost on the purchase. The refi and purchase can be done at the same time.

@Valerie King You can have 1 FHA loan at any given point in time. Even if you currently have a FHA loan, as long as its going to be paid off at closing (e.g. selling the property) you can get a new FHA loan for the purchase. FHA loan's are not restricted to 1st time home buyers. It can be used at any point.

@Wayne Brooks There is no wait period between FHA loans.

@Andrew Villasenor You can have 1 FHA loan at any given time. If the FHA loan has already been paid off (or will be paid off at closing), then you can get a new FHA for purchase. If the property you are exiting is within 100 miles of the new property, then you will not be allowed to use the rental income from the old property to qualify you. Rental income for the new property will be used.

@Eric Crelin, @Jaime Ruiz Per Fannie/Freddie guidelines, each individual can have up to 10 financed properties. In terms for Cash-out refi, you can do that for 1-6. 7-10 can only be purchase loans or delayed financing.

@Billy Maloney The only way to get a loan based on ARV before the 6 month waiting period is via Delayed Financing or Rate/Term Refi (paying off HML/PML). Other then that good luck. In both scenarios, you are NOT going to be able to get cash out, but will be able to payoff HELOC, CC, HML/PML, etc.

So, if your ARV support the LTV requirements to pay off the other debt you incurred to buy/fix the property, then you are in luck. If the LTV is lower then the agency requirement, and you "want" to get cash out, then you are out of luck. Please don't bother the lender and say that they are not helping. Those are the agency rules.