All Forum Posts by: Upen Patel

Guys you are missing the point of a FHA loan. Yes, FHA has the upfront MIP and the monthly PMI. But it also allows you to buy a $1.2M (in some areas) 4-unit property with a measly 3.5% down. If you have the 20%-25% down for a conventional loan, then by all means, please go with a conventional means.

If FHA is the is the only way that you afford to buy a property, then have the decency to not complain about the associated cost. Its not like FHA is forcing you to buy with an FHA loan.

@Jason PowellYou can use FHA again to buy a new property. The issue you are going to face is that you have a OO refi loan done recently. This is going to restrict you from getting an another OO loan within 12 months, without a valid reason. If you have a valid reason that is forcing you to move, then sure you can get the loan right away.

Fannie/Freddie/FHA/VA and other secondary market makers don't like for you to get OO loans and then not stay in the property.

@Paul D.Let me know if you are looking to pull out cash on the condo's. I have many condo loan options.

Have a few options for residential properties (1-4 unit) with title vesting to LLC. LLC member(s) are guarantors

• Conventional Non-confirming loan (30 yr fixed) - Loan min $417K
• Residential portfolio (30 yr fixed) - Loan min $150K

Can also offer commercial portfolio loan.

@Kent BaltareIf you are a foreign national living in the US and wanting to buy a primary residence then lending terms are much better. Other wise the best you can get as a Canadian citizen is 60% LTV.

@Tom MannaYou can use a FHA loan to buy 1-4 unit residential property with just 3.5% down. Yes, there is a way to be able to use the rental income to qualify you for the loan.

@Sean KuhnYes.

@Sean KuhnYou can only get 10 conventional loans (Fannie/Freddie, VA, FHA, USDA). After that the only way you can get a conventional loan is if it is for a primary home purchase.

@Randy Marshall The issue you are talking about is Non-Warrantable condo. Most lenders don't know what to do with non-warrantable condos. You want to look for a lender with dedicated condo department, and if they are national then even better. These lenders will have access to investors who might "warrant" a condo development.

@Neil P.Here are your refi options:

* Cash purchase - Delayed financing within 6 months. Loan is based on purchase price.

* Cash purchase - 6 months seasoning to do cash-out refi based on new appraisal.

* Hard/Private money - Replace existing loan, rate-term refi, at any point. No need for seasoning. This works if you the purchase and rehab is rolled into the loan. Based on new appraisal.

Cash-out refi will have a 5% LTV hit.

Since you bought with cash, if you want to do a cash-out refi based on new appraisal (ARV) then you have to let is season for 6 months.

These are Fannie/Freddie guidelines.