All Forum Posts by: Raymond J. Rodrigues

@Josh Green

Hi Ashley, if you're looking to connect with an investor/realtor in the Tampa Bay area, I recommend reaching out to Josh Green. It won't let me tag him for some reason, but if you send me a message directly, I'll share his contact info with you! 

@Wendy Francis, what property are you looking to finance? It's not really a necessity for the lender to be in Philadelphia unless you want it to be. The entire process is done electronically. 

@Charlton Zang Jr, definitely take a HELOC if you can. It would be a shame to lose that interest rate and probably will cost you more in the long run. Purchase the property cash and refinance in the future. If you plan on refinancing based on purchase price value and conventional financing, you can refinance right away rather than waiting 6 months. If you plan on refinancing with a conventional loan based on after repair value, they increased the seasoning period to 12 months. Used to be 6 months.

@Patricia Miller, before making any moves, check to see what the requirements were for your down payment assistance. Sometimes they require that if you move within 10 years, that the balance be paid back. Sometimes they require that if the property ceases to be your primary residence because you decide to move out, that you pay it back. Read the fine print. 

@Christopher Eduardo, why would you use a DSCR loan instead of conventional? You should definitely weigh out your options to see what works best for you. I am happy to answer any questions you may have. Let's connect.

There’s a new exciting update that comes after the weekend of November 18th!

Conventional guidelines will change to allow 5% down payment, for primary residences, on 2-4 unit properties, instead of requiring 15-25% down payment. This helps a lot of people, because buyers will not be locked out with only being able to use an FHA loan. This is not the home possible income restricted loan that no one qualifies for.

There was a common issue when someone owned a primary residence already, that wanted to buy a multifamily with low down payment, which required FHA loans with 3.5% down, but had to qualify with both mortgage payments at the same time being counted against their debt to income ratio.

You were not allowed to lease out your departing primary residence, to offset your current mortgage, when purchasing a new home, unless you moved more than 100 miles away in order to qualify.

I hope this helps! If anyone has mortgage related questions, always happy to share my knowledge.

@Connor Lindsay, qualifying for conventional loans as a 1099 employee or self-employed, only qualifies you based on net income. There is no way around that. Only way to stick with a conventional loan is to become W2 salaried or show more qualifying income as a 1099 individual. There are alternative loan options that you may qualify for in the meanwhile. Please feel free to reach out with any lending related questions. Always happy to help. 

@Michael Bandur, I see that you are also a realtor in the Tampa Bay area. If you are looking to have another agent represent you as their client, then reach out to @Josh Green. He's a wealth of knowledge and has helped quite a few of my clients in the past!

@Toni Collins, are you seeking conventional financing?