All Forum Posts by: Upen Patel

@Andrey Y. Yes, social security and disability income is counted as income for mortgage. It is non-taxable income so, it is grossed up. It is no different then other income. Using it does not restrict or change the other aspects of a mortgage underwriting.

@Russell Brazil Thanks for the mention.

@Lee Marsteller You need to find a mortgage banker that understands condo financing and will work with you to put a plan together.

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@Corey Smith @Jim Ehlinger @Pete Perez

You can get 10 conventional Fannie/Freddie loan per individual. Many banks have an internal restriction to not do more then 4. Find a mortgage banker can go to the max 10.

@Jonathan Basden Yes, you can use the FHA loan over and over, but FHA is for owner occupied property only. ALL borrowers have to owner occupy. You can't "partner" with someone for them to buy using FHA and live in it.

Getting financing for Condotel is hard, but not impossible. Find a good mortgage banker to work with you and you will be fine.

@Jack Shepherd FHA is for owner occupied property only. You can buy 1-4 unit property using FHA with just 3.5% down.

Hi! @Jared Dorvinen. Welcome to NoVA and BP.

@Steven Perez Thank you for your service.

VA loan requires intent to occupy for 1 yr. What that means is if you buy with the intent to occupy and then get order the next day, you have meet the VA needs.

Good luck with your REI venture.

@Russell Brazil Thanks for the mention.

@Jon Wright As a US citizen living abroad you have the ability to get a Fannie/Freddie loan if you meet certain requirements. That's a big leg up to other how have to get Foreign National loans. Hope that helps.

@Russell Brazil Thanks for the mention.

@Rusty Hitt I don't see it as unethical. It just makes the transaction a non-arms length transaction which will be scrutinized a LOT. In certain situations investors will not accept a non-arms length transaction. So you want to be careful with those aspects.