All Forum Posts by: Ryan Keenan

I have already asked this question a few months ago but sitting here on the couch something dawned on me.

My original question was can you qualify for a fha loan while you already have TWO other mortgages that are NOT a fha loan. After searching for the answer i was told the bottom line is in order to qualify for a fha loan while already having 2 other mortgages is that the property you are vacating must have 25% equity in it in order to count as income in qualifying for the new loan. Ok fine.

My new question is, what if those two properties are fully rented and are now just my income properties? What if I rent now or live in my parents basement? I would not be vacating my primary residence anymore for another.. would this be exceptable?

Hi bp, if you purchase a property that you want to flip using conventional financing, can you sell it as soon as you complete the renovation? Or is there some type of seasoning period?

Thanks

Is it a bad idea or even legal to cash out refinance on a owner occupant and then move out soon after?

What about if your still owner occupying but wish to move out in a couple months.. can you cash out refinance then?

is it fraud if you are currently living there and refinance then move out?

Question about cashing out refinancing. Currently fixing/ househacking a 2 family home.. is it fraud to refinance as a owner occupant then rent out the apartment you are living at after the refinance is complete? Owner occupant refinace is 95% LTV with a va loan. I have already been living there over a year.

Thanks

Question about the 401k. Will the banks count all the money you have in your 401k towards reserves or just the amount you can borrow.. I have just enough for the down payment but was looking into borrowing from my 401k for the rehab.. I can only take 20k out leaving the remains 20k still in my retirement fund.. will they count that as reserves?

Thanks!

thanks for the help guys!

Appreciate everyone's responses . I did my taxes with my CPA yesterday. The 20k was a bank loan so there was Of course interest paid. He said if the 20k was used for a repair then it would effect my dti but if it was for a improvement it would not. I'm still confused about what the difference between a repair and improvement and I think next year I should look for a realestate accountant and also read a couple books on taxes in regards to rental propertys.

Curious too!