All Forum Posts by: Upen Patel

@Russell Brazil Thanks for the mention.

Yes, I can do non-warrantable condo/condo-tel loans. Owner occupied, 2nd home or investment.

*** Moderator this is not self advertisement. Am responding to a member post and suggestion. ***

@Lynn McGeein You are reading purchase loan guidelines. How do these apply to cash-out refi. Its good that you are reading up on guidelines, but you should ready them completely (not just part of it) and should be reading the correct one.

@Russell Brazil @Chris M.

@Russell Brazil Thanks for the mention.

@Joshua Smith You can get a FHA 203(k) loan to rehab a property you already own. So, Yes, you can buy with private money and be able to refi into a FHA 203(k) loan. The FHA 203(k) loan can only be used to pay off the existing debt + the rehab cost.

You CAN NOT get a conventional loan in the name of LLC. Conventional loans are ONLY for individuals, NOT for corporations.

@Denzer Campbell @Tim Puffer 80/10/10 is only available for primary residence, not for investment property.

Hi! @Steve Dowdell Welcome to BP.

@Aaron L. Fannie will NOT allow a cash-out refi once you have 5+ conventional mortgages. Unless it changed in the last few weeks and I have not read the bulletin.

ONLY Freddie will, up to 6.

@Samantha Reeves I agree with what you are saying. It falls under the "relocating due to valid reason". I did not go into the list of valid reasons. And yes, it is about prudent underwriting.

@Lael Johnson @Eric Dufault @Matthew Coleman @Charles W.

Want to clear up some misconceptions regarding VA loans that have been stated in this discussion.

* You can use and re-use your VA benefit at any time.

* You can only have 1 VA loan at any given time. The ONLY time you get an exception for an additional VA (assuming you have entitlement left over) is if you have to relocated due to a valid reason (i.e. you can't move 10 miles away and get an additional VA loan).

* VA entitlement goes up with the # of units and is different in different counties.

* To be able to use rental income for your new VA loan, you need to have 2 yrs of documented (i.e. on tax return) landlord experience. There are some exceptions.

What @David Krulac is stating is very different (foreclosure purchase directly from VA), and does not fall within the guidelines.

Hope this helps clarify things.

@Marc Beaulieu Yes you would be able to reuse the FHA loan.

@Joseph Duenas You can get up to 10 conventional loan. Find a lender that with go all the way. Most lender limit it to 4.

The LTV is setup by Fannie/Freddie guidelines.

I would certainly recommend you use up the conventional loans, before looking at other options.