All Forum Posts by: Andrew Syrios

I've seen a lot of people on FB complaining about a new rule saying those with a 620 FICO score get a 1.75% discount and those with a 740 FICO score will pay 1%. This sounds really unfair but is misleading. What's happening is that those with a 620 FICO score are getting a 1.75% discount from the previous 3.5% they used to pay. This article breaks it down well for those who are interested: https://www.mortgagenewsdaily....

Here is are the changes:

And here are the total fees now:

While yes, the new rule still means people with higher credit scores will subsidize those with lower ones because those with lower scores go into default more and banks have augmented that risk with these fees. Now those fees are distorted and, in all likelihood, there will be across the board increases in costs to compensate. 

But it isn't nearly as egregious as some are making it out to be so it's important to be precise.

Congrats Stanley!

Welcome to BiggerPockets!

Depends. Usually people want to keep as much cash as they can and since it's hard to beat the rates that come with FHA loans, most want as big a loan as possible. But there's nothing wrong with putting 20% down and it certainly is less risky to do so as long as you have sufficient liquidity afterwards

 I figured as much, we may even have some options. I'll DM you. 

Welcome to BiggerPockets Kevin!

Congrats Jake!

Welcome aboard Matthew!

We really slowed down a lot. Partly this is because we bought a bunch in 2022 and are consolidating. But it's also a tough market to buy and particularly finance in. So we're taking it quite slow right now.

Private lending or perhaps a syndication would seem like a pretty good way to go for a 9-10% return. I assume you meant annually? If you're looking for 9-10% monthly (which is doubling your money every year about) well, probably commodity or crypto speculation but I would think your odds of losing money are much better than making it and also assume that's not what you meant