Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
Followed Discussions Followed Categories Followed People Followed Locations
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Upen Patel

Upen Patel has started 49 posts and replied 1759 times.

Post: Physicians Loan

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,884
  • Votes 813

Each lender has their own guidelines for the Physician Mortgage loan as these are portfolio loans. There certainly are lenders who allow 1-4 unit owner occupied property. You get the best LTV on a purchase, but you certainly can do a cash-out refi into the loan as well. Hope this helps. Let me know if I can answer any questions.

Post: Physician Loan Experience?

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,884
  • Votes 813

Hey! @Ankush Ratwani Yes, the Physician Mortgage loan is for owner occupied property. You can buy a 1-4 unit, live in one unit and rent out the other units. Hope this helps. Let me know if you have any questions.

Post: Physician Mortgage Loan for investing a property?

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,884
  • Votes 813

@Michael Mackney Physician Mortgage loan is for an owner occupied primary residence. You can buy a 1-4 unit residential property, live in one unit and rent out the other units. That is acceptable. Hope this help. Please let me know if you have any questions.

Post: New resident physician looking to househack in Chicago

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,884
  • Votes 813

@Richard Young Each lender has their own guidelines with regards to Physician loans as they are portfolio loans. You can certainly by up to a residential 4 unit (not limited to just 2 unit), and use rental income to qualify. Hope this helps. Let me know if you have any questions.

Post: Physician mortgage loan - does it apply to Physician assistants ?

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,884
  • Votes 813

@Janel Mojica Teal Yes, some lenders will cover Physician Assistants under the Medical/Healthcare Professional mortgage program.

Post: Physician loan vs. VA loan

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,884
  • Votes 813

@Matt Toeneboehn I would hold on to my VA to buy in a high cost area. There is no limit on a VA loan amount when you have 100% entitlement. As others have mentioned Physician loans are portfolio loans, and each lender has their own guidelines. I know there are lenders who will allow a 1-4 unit purchase, owner occupied, under the Physician program.

Hope this helps.

Post: Help with next FHA or VA loan

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,884
  • Votes 813

@Richard Pina Are you looking to move for a SFR to a Multi-unit in the same market? Or are you moving to a different part of the country (at least 100 miles from your current PR)? If you are moving away, than you can request (through the lender) FHA to get an exception for a 2nd FHA loan.

Moving from a SFR to a Multifamily is NOT moving up. In the mortgage space it is considered moving backwards. Keep in mind, the low down payment owner occupied mortgages are meant to support home ownership, not to support investors. With proper planning you can certainly buy a multifamily using these programs. But that's not the same as saying that your multifamily should be approved in the same market as your current PR.

Hope this helps.

Post: Looking for 20% down multi family loan - does that still exist?

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,884
  • Votes 813

@Karen Kikalo I can do 15% down investment 1-4 unit. Happy to connect and see if I can be help.

Post: New Investor Funding Conundrum - Charlotte, NC

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,884
  • Votes 813

@Matthew K. I have portfolio loans that very attractive rates. Can to 5% down 2nd home purchase (80% LTV cash-out refi) and 15% down investment purchase.

Happy to connect and see if I can be of help.

Post: ADU and Renting out rooms

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,884
  • Votes 813

@Jeffrey Ibale Room rental income from a 1-unit primary residence can't be used for mortgage purposes. Once you have a legal ADU, that income can be used for mortgage purposes.

Since you already own the house, its not going to make a difference right now. Just keep this in mind for the future, as you will not be able to use the room rental income to qualify for the next purchase.