All Forum Posts by: Upen Patel

@Elle Welsh I am a bit confused. If one partner can qualify on their own, then how is it possible that two combined incomes can't, even if the 2nd partner has other loans. Unless the other partner is heavily leverages.

I think your questions speak for them selves. Yes, the qualified partner would carry the loan until it paid off or refinanced. The accountant is going to go nuts keeping a track of this (assuming it is even possible to do). No sure why the qualified partner would take on the full risk. Especially if the other partner is over leveraged. Risky.

@Ryan Keenan Yes, 401(k) and IRA accounts can be used to meet reserve requirements. Typically it will be at 60%-70% of the account value.

@Alexander Ramos VA loan is for owner occupied properties only. You can't transfer title to LLC. Your loan will be recalled.

@Kathleen Hendricks I can do commercial and conventional loans in ALL 50 states. Would love to build a relationship with you to meet your needs and your clients needs.

@Chris Seveney Thanks for the mention.

@Avi Garg Yes, there are both residential (30 yr fixed) and commercial (5-7 yr balloon) options that can be done on the basis for property cash flow. Its call Debt Service Coverage (DSC) based loan.

@Nicole Shue the points made by @Aaron Moore are very valid. You want to think about the long term plan. On that note, given the two options you stated about the VA loan property (sell it or rebuild it), looks like you will be "freeing" up your VA at that point in time. So, why now free it now. Also, you can do a rate/term refi which would will get you a better rate then a cash-out refi on the condo.

Just my 2 cents.

Hi! @Martin Yamane Welcome to DMV and BP.

There are some good REI groups in this area that are truly focused on networking and leaning from each other. No marketing.

Contract @Roger Lin to be added to the Capital REI meetup. I will add you to the other one.

@Bryan O. Thanks for the mention.

@Brenna Sullivan You are correct. Gift funds are not allowed for an investment property. The gift deposit has to season for two statements. So if you continue with the current loan, then you will have to extent for a lot more then just 3 months.

Why are you not buying this as a primary residence in your mom's name and you be a non-occupant co-borrower? In this scenario there is no issue with Gift funds.

You will not qualify to buy this as a 2nd home either.

Your mortgage person is clearly not doing their job and using their brain. They should have advised you about these things at the start.

@Daniel Dietz Looks like @Albert Bui has answered your questions.

Good luck.

@Tim Porsche There is no such thing as a no-cost refi. The lender is covering the cost with a higher rate or in some other form. To be able to do an apples-to-apples comparison, you always want to look at the best rate you can get and the associated fees.

Your mortgage broker is BSing about UPMIP refund. It is alive and well. Depending on when you get the current FHA loan, you might or might not be eligible for any - which is an entirely different point.