All Forum Posts by: Patrick Roberts

 Absolutely. They do a couple webinars each month as well as mini-camps/workshops on specific targets periodically. Tons of education material as well. 

I dont where this data comes from or how they are defining middle class, but I can say with absolute certainty that a household making the stated incomes for Louisiana or South Carolina is not remotely middle class- this is poverty. Now, if they are defining "household income" as the income for an individual wage-earner, then yeah, maybe in Louisiana this is accurate. In SC, if youre household income is below $60k and there is more than one person living off that, you have $0 disposable income and are likely going to have to make hard choices about which needs you have to forgo, such as car repairs, preventative/minor medical care, etc. At $59k/year for two people in SC, you've got just enough money for rent, food, utilities, insurance, and taxes. There's nothing left after that. 

What exactly are you needing help with?

Did you join Fred and Tracy's membership group, or just take one course?

FHA is more forgiving than Conventional in high DTI scenarios; arguably, it has the highest DTI threshold of any loan product Im aware of besides a VA loan. A bigger part of the puzzle is how your income in calculated - every loan product has slightly different guidelines, and you may see dramatically different DTIs with different loan types/guidelines.

A couple other tactics for tackling DTI:

- restructuring existing debt

- mortgage credit certificates if available in the state youre buying in

- buying down the rate or increasing the downpayment to reduce the monthly pmt

- bridge loan on the house youre selling

Get a personal loan from your local bank or a 401k loan. It will be cheaper than paying nearly $10k for a refi to walk away from closing with $5k-$10k in hand. There isnt enough equity in this deal to take anything meaningful out. I doubt you'll find any cashout refi's over 75% LTV on this deal. Margins are too tight.

The terms of the deal (purchase and loan) are negotiated between you and the seller. A specialized attorney can (should) draft the documents for the loan (note, mortgage or deed of trust, etc). A closing attorney/title company will handle the closing and any title insurance policies. 

Typically, the lender drives the bus when it comes to getting the lending docs together - they retain an attorney or consultant to represent them and direct the document creation. In most cases, these costs are paid by the borrower, typically as origination, legal or processing/underwriting fees. Again, all of this is negotiable. 

This is interesting. How long and invasive was the process behing this?

Depends on the loan type. Some loans require a minimum borrower contribution. Worst case scenario, you will likely be able to apply the unused concessions toward a principal curtailment if you dont want to buy the rate down further. 

For 2nd liens, the best lender is typically the one that holds the 1st lien. That being said, I agree with @Nicholas L., if this will be for a long term use of the funds, any 2nd lien is likely to be too expensive to make sense. 

If youre deadset on this, expect rates to be north of 10% on 2nd liens on investment properties.