All Forum Posts by: Upen Patel

Been around for while. Figured I should introduce myself.

I am a Mortgage Banker with The Federal Savings Bank. As a National Lender I can originate loans in ALL 50 states. 

* We are investor friendly
* Fannie/Freddie direct lender with No/min overlays
* Can do up to 10 conventional loans per individual
* 610 min FICO for VA loans
* 620 min FICO for FHA loans
* 640 min FICO for USDA loans
* Rental income credit with lease (no need to wait for a tax return)
* 6 month seasoning to do cash-out refi
* Residential portfolio loans for investors who want the peace of a 30 yr fixed loan, but have used up the conventional loans. Can do title in LLC/S-Corp.

* Jumbo & Super Jumbo – 80/10/10 up to $1.3M, 85% up to $1.5M no MI, 80% up to $3M

* Portfolio loans - Min $400 K - Near miss, When the deal makes sense, but the loan can't be done because a box can't be checked.

* Can do loans for individuals with derogatory credit - bankruptcy, short sale, foreclosure, deed in lieu.
* Portfolio loans - 24 month bank statement loan, Asset depletion loan
* Non-warrantable Condo/Co-Op - We have a dedicated condo department that I run every deal through before hand. No surprises.
* Loans for self-employed/business owners/1099/K-1
* Construction loans for Owner Occupied property and Spec build for established builders.
* Rehab loans to cover purchase and rehab for Owner Occupied property.

The Federal Savings Bank is a Veteran owned bank focused on Mortgages. We offer attractive rates, coupled with reliable/predicable service.

We underwrite loans in house and fund them ourselves. No dependency on a 3rd party.

Look forward to working with the BP community.

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Financing Options Available in ALL 50 States - Alabama (AL), Alaska (AK), Arizona (AZ), Arkansas (AR), California (CA), Colorado (CO), Connecticut (CT), Delaware (DE), Florida (FL), Georgia (GA), Hawaii (HI), Idaho (ID), Illinois (IL), Indiana (IN), Iowa (IA), Kansas (KS), Kentucky (KY), Louisiana (LA), Maine (ME), Maryland (MD), Massachusetts (MA), Michigan (MI), Minnesota (MN), Mississippi (MS), Missouri (MO), Montana (MT), Nebraska (NE), Nevada (NV), New Hampshire (NH), New Jersey (NJ), New Mexico (NM), New York (NY), North Carolina (NC), North Dakota (ND), Ohio (OH), Oklahoma (OK), Oregon (OR), Pennsylvania (PA), Rhode Island (RI), South Carolina (SC), South Dakota (SD), Tennessee (TN), Texas (TX), Utah (UT), Vermont (VT), Virginia (VA), Washington (WA), West Virginia (WV), Wisconsin (WI), Wyoming (WY)

New York, Newark, Jersey City, Los Angeles, Long Beach, Anaheim, Riverside, San Bernardino, Honolulu, Ontario, Chicago, Naperville, Washington, Baltimore, Arlington, Vienna, Fairfax, McLean, Falls Church, Bethesda, Silver Spring, Prince William County, Prince Georges County, San Jose, San Francisco, Oakland, Boston, Worcester, Providence, Philadelphia, Dallas, Fort Worth, Miami, Fort Lauderdale, Port St. Lucie, Houston, Atlanta, Athens, Clarke County, Phoenix, Mesa, Scottsdale, Minneapolis, St. Paul, Seattle, Tacoma, Denver, Aurora, San Diego, Carlsbad, San Ramone, Portland, Vancouver, Salem, Orlando, Daytona Beach, St. Louis, St. Charles Farmington, Tampa-St., Petersburg-Clearwater, Columbia, Towson, Sacramento, Roseville, Charlotte, Concord

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Upen Patel, Mortgage Banker

The Federal Savings Bank | 1604 Spring Hill Road, #330, Vienna, VA 22182

cell: (571) 331-5161

email: [email protected]

web: www.thefederalsavingsbank.com/upenpatel

Federal NMLS# 1374243

Not all borrowers qualify for all programs, must meet underwriting guidelines and are subject to credit review and approval. This does not constitute a commitment to lend. The information contained is subject to change without notice.

@Jonathan Wyse You can get up to 10 conventional loans. With conventional loans you can get a 30 yr fixed loan and rates are low.

The benefit of portfolio (i.e. commercial) loan is that you would be able to get the title in LLC. But for that benefit you will have to settle for a 5-7 yr balloon loan.

@Dale Buck Welcome to BP. Which markets do you invest in?

@Ernesto Maturrano You will pay a lot higher interest rate to get that additional 5%.

@Andrew Dillard Looks like you need to get the county record changed to a fourplex, because that is what you have. You might also want to check and see that proper permits were pulled and the 2nd duplex built legally.

The only other option is to split the lot into two.

@Andrew Dillard You need to check county records to figure out if these are 2 properties on 1 lot, or a fourplex (build as two buildings). If its 2 properties, then yes the county records would have to be changed. Either split it or combine them.

A conventional loan is against a property and the land it sits on. So you see the requirement that only one legal property be on one parcel of land.

@Aaron L. You can have a max of 10 conventional loans per individual. #1-6 you can do cash-out refi. Once you have 6 or more conventional loans, you can no longer do a cash-out refi. #7-10 can only be purchase or delayed financing loans.

Looks like you need to find a lender that works with both Fannie and Freddie.

@Jonathan Towell You can ONLY have 1 (ONE) FHA loan at any given time.

@Shawn Summers If you are going to buy the SFH as investment, then you will have to put 20% down. If you are going to owner occupy it, then you might be able to 10% down.

@Russell Brazil Thanks for the mention.

@Jennifer Drew Your best option to pull out the max cash would be as owner occupy. So you have to wait until you move back and then wait for a few months before you do it. For a HELOC the issue you are going to run into is that the property is a fourplex. So while you are owner occupying it, most HELOC lenders will not offer you a loan because it still has an investment component. And they remember the nightmare for a few years back when their loans were wiped out. Not saying there might not be a lender out there willing to take the risk, just that I have not come across them.

You might be able to get some cash out with a cash-out refi.

@Tony Eschete When you are "home" you stay some where? Why not make that one of the units in a 3-4 unit property. Since it will be owner occupied, you will get good rates. And can use FHA 3.5% down to buy.