All Forum Posts by: Upen Patel

@Russell Brazil Thanks for the mention.

@Trevor Ewen Happy to answer your questions.

*** Moderator - This not solicitation. Responding to a member recommendation, and offering poster the option to "pick my brain" ***

@Chandler Smith 1st time home buyer loans are for owner occupied properties ONLY. What you are intending to do is mortgage fraud. You can't use FHA either.

Like everyone else you have to come up with the 20%-25% down to buy an investment property using Fannie/Freddie loans. There are other options.

Go back to the drawing board and do your research.

I would like to share with the BP community a few Down Payment Assistance (DPA), Tax Credit & Mortgage Credit (MCC) Programs that I can offer.

Bring me your clients, family, friends or yourself and look like a hero.

The following applies to ALL programs (unless stated differently under the program):

• Programs are available ONLY on purchase loans, NO Refi.
• Owner occupied properties only.
• Funds can be used towards down payment and closing cost
• Annual household income at or below 80%of the HUD median income of the county in which the property is located, adjusted for household size. Must calculate the annual income for each household member aged 18 years and older.
• Contribute a minimum of $1,000 from personal funds toward the purchase of the home.
• Complete a home buyer counseling program prior to receiving grant funds.
• Loan Types - Fannie, Freddie, FHA, VA, USDA
• Max DTI - 45%
• Property Type - 1 or 2 unit - Attached, Detached and Condo
• Min FICO - 660
• Min loan $100K

National Down Payment Assistance (DPA) program - Federal Home Loan Bank

• $5000 - No monthly payment required, forgiven over 5 yrs.

Illinois (IL) Housing Development Authority (IHDA)

1st Home Illinois

• $7500 - No monthly payment required, forgiven over 5 yrs.
• Limited to counties: Boone, Cooke, Dekalb, Fulton, Kane, Marion, McHenry, St. Clair, Will, Winnebago
• MCC not allowed
• First-time buyer (Has not owned a home in the past 3 years) - Waived if Veteran buyer

@HomeIllinois

• $5000 - Monthly payment of $41.67 is mandatory with this program
• Buyer contribution is $1,000 or 1 percent of the purchase price, whichever is greater

Maryland (MD) Down Payment Assistance Program

• The Maryland Mortgage Program features Down Payment Assistance (DPA), which is an additional loan available to anyone who is eligible for an MMP mortgage, and which helps borrowers put together a suitable down payment on their home. This loan, which can be up to $8,500 is a zero percent deferred loan, which means that you only ever pay back the principal (there’s no interest) after you complete all payments on the main MMP mortgage, or if you refinance, sell or otherwise vacate the home.
• Property Type - SFD/attached/townshouse/condo

Florida (FL) Mortgage Credit Certificate

• The Florida Housing Mortgage Credit Certificate (MCC) Program can help first time homebuyers save money each year that they live in their home. With the MCC Program the homeowner can claim up to 50 percent of their paid mortgage interest each year as a TAX CREDIT on their federal IRS tax return. The credit is capped at $2000 annually and any remaining mortgage interest not included as part of the TAX CREDIT is still eligible for the home mortgage interest deduction on their federal tax return. 
• Each year, a homeowner may claim a dollar-for-dollar reduction of income tax liability on 50 percent of the mortgage interest on their first mortgage, reducing the amount of federal taxes owed by as much as $2000. 

More programs are being on boarded and still more in the process.

• SETH - Southeast Texas Housing Finance Corp - Down Payment Assistance Program
• Travis County (Texas) Housing Finance Corp - Down Payment Assistance Program
• TSAHC - Texas State Affordable Housing Corporation - Down Payment Assistance Program
• TSAHC - Texas State Affordable Housing Corporation - Mortgage Credit Certificate
• Nevada Rural Housing Authority - Down Payment Assistance Program
• Ohio Housing Finance Agency - Mortgage Credit Certificate

National DPA program available in ALL 50 States: 

New York, Newark, Jersey City, Los Angeles, Long Beach, Anaheim, Riverside, San Bernardino, Ontario, Chicago, Naperville, Washington, Baltimore, Arlington, Vienna, Fairfax, 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

Upen Patel, Mortgage Banker

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

cell: (571) 331-5161

fax: (703) 454-0804

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.

@Manshi M. If this will be loan #7 then no you can't do a cash-out refi. If this is one of the existing six loans, then yes you can do a cash-out refi.

@Roman Meroshnik FHA/203(k) loan is for owner occupied properties, NOT for flip. FHA requires that you owner occupy for a min of 1 yr.

@Rivers Plowden Your assumption that ALL lenders need two years of reported rental income before they will given income credit is incorrect. Each lender has then own internal overlay. I don't have any such wait period.

As always shop around.

*** Moderator - This is not solicitation or advertisement. Just clarifying a misconception. ***

@Account Closed When you say FHA seasoning requirement, it sounds to me like they have not meet their 1 yr occupancy requirement.

Are they looking to buy the property as owner occupy or for rental? If OO, then they will be committing mortgage fraud. If rental, then they will continue to live at their current location and meet their FHA occupancy requirement.

Hi! @Steve Oliff Welcome to BP. I would recommend @Brandon Hall.

@James B. What you are saying is not making sense.

If I understand what you are saying correctly, the new appraisal came in at 90% of your existing loan amount. VA only allows up to 100% of appraisal financing. So to complete the refi, you have to put in the difference to bring the loan amount to the appraisal value.

NO, the money DOES NOT go to the lender as profit. The funds are part of your payoff to your existing lender.

Hi! @Karen K. Welcome to BP.