All Forum Posts by: Upen Patel

@John Korn Underwriters don't like parts of a document. Given that you provided part of the inspection report, now the complete inspection report is part of the loan that the underwriter wants to review.

You should have had the inspector write an "independent" separate report for the items in questions. Besides, the inspector is a general inspector. The issues that the underwriter wants answered might have needed a specialty inspector.

See if you can get a new report done that ONLY talks about the items in question and get over this bump.

@Manuel Sanchez Welcome to BP

@Will Chamberlin I agree with @Charlie Fitzgerald. FHA streamline refi is a slam dunk - No income verification, No appraisal. Not sure what would have taken them this long. Dump them.

@Giovanni Di Puglia Conventional rehab financing for investment is very limited. You would certainly have to be in the 42-43% DTI range and looking at 1-unit properties. If you are looking at 2-4 unit properties, then HML/PML would be your choice.

@Brandon West If you are confident that you already have the equity then call the bank and tell them that you want to have the property reappraised and that you are happy to pay for the cost. If the appraisal validates that the value is there then you can get them to drop it.

Unfortunately, legally they are only required to drop PMI based on the original loan terms. If the lender is smart then they would not want to tarnish their name and will drop it.

If they don't then your only option is to refinance. I would recommend you find a new lender. ;-)

@Hunter Fitch Beyond the validity of the income, you want to think about city/county/state/federal laws & requirements that you might need to meet if you rent to these individuals.

@David Rutledge Yes, it possible for your sister to get a mortgage in the US. She will need a lot more as down payment and the rates will not be that attractive.

@Douglas Armendarez non-occupant co-signer is not allowed for 2-4 units using FHA (only for 1-unit).

Great question, I have done a lot of wacky loans, but not this, yet!

Thinking aloud here... as long as each family occupies their own unit, I don't see why there should be an issue.

@Turner Monroe Since you said "partnership with some friends", I would like to point out that FHA is an owner occupy loan. ALL of you will have to owner occupy.

@Anthony Cosgrove Being that its a 4-unit investment, 25% down is the agency requirement.