All Forum Posts by: Reginald Silva
Reginald Silva has started 5 posts and replied 13 times.
Thanks for the feedback. Appreciate the insight.
Useful feedback I appreciate you taking the time to send a thoughtful response. I’ll look into the recommendations. Keep me updated with any future tenant screening function feedback. Thanks.
Post: capital reserve requirements for underwriting
- Posts 13
- Votes 1
Quote from @Matthew Crivelli:
@Reginald Silva Your loan broker can't give an an exact number on what you need for reserves? This doesn't sound right to me. They should be able to clearly communicate how much money you need to show in order to close the loan.
the reserves weren't actually an issue the loan product my mortgage broker intended to use was. We had conditional approval with the lender however the UW and mortgage broker didn't agree on how income from engineering consulting work I've done this year in addition to my W-2 should be calculated. My brokers currently looking to process an FHA. Do you have any experience with local lenders ? After this experience I'm reevaluating lenders / mortgage brokers. Thanks
Post: Masshousing loan approval guidelines
- Posts 13
- Votes 1
Does anyone have information regarding mass housing loans? I was scheduled to close on a house 9/15/2022 with a conventional loan and a secondary down payment assistance loan which I intended to use to buy down the rate. I was told that the smaller $30K loan was approved for a first mortgage however since it was submitted after my conventional mortgage the mortgage broker was unable to get it approved as a second mortgage. Now I have passed my financial contingency deadline, paid down my rate ( for another $20,000), and can not use the $30K secondary loan as anticipated. Any creative solutions to this problem?
Post: capital reserve requirements for underwriting
- Posts 13
- Votes 1
Just an update... I had a meeting with my mortgage broker this morning and 3-6 months of reserves seem to be the rule of thumb. I am working with fidelity on the use of my 401k contribution toward the purchase.
Post: capital reserve requirements for underwriting
- Posts 13
- Votes 1
Quote from @Chris Seveney:
@Reginald Silva
It all depends on the underwriter. Ask them.
Ones I have spoken too wanted 3-6 months reserves
Do you have any experience with using a 401k loan as reserves?
Post: capital reserve requirements for underwriting
- Posts 13
- Votes 1
Does anyone know how much money an underwriter looks for in reserves when underwriting a loan? I am closing on a $650,000 home in 25 days. My all-in cost is $19,500 which I have currently and I am considering taking a home loan on my 401K for reserves. Does anyone have experience in this regard?
As a new investor, I am interested in which products are leading the market in:
1. Rental Advertising.
2. Tenant Screening.
3. Rent payment software/portals.
4. Real estate-specific property management tools.
I am closing on a rental property just south of Boston September 15th, 2022.
As you can imagine, I'm starting to get a bit more granular with the planning details and would love to learn more about some of the strategic planning that's gone into self managing investment properties as it pertains to the 4 topics listed above. Thanks in advance for your time and feedback.
Sorry the quality is terrible. I’ll repost. Closing on September 15th so I appreciate the feed back. Thank you.
Thoughts on this in-law property in Weymouth MA for a live in house hack ?