All Forum Posts by: Kimberly H.

@Steve Combs

Thanks for the advice.  Costs is always a factor.  The realtor's excuse was "They do favors for me, they don't charge for everything, if you have future deals he will work with you".  Just seems iffy to me.  I got the feeling they wouldn't be as thorough. Just a gut feeling.

Thanks!

@Cynthia Scaife   Ok.. that makes sense.  I will not be using this lender going forward.  It's a special neighborhood program for owner occupants.  You only get one shot to use them. Unless, you choose certain blocks and you have to stay in your OC property for one year every time you use them.

The realtor angle is probably my best bet.  I'm planning on buying an investment property as soon as 6-9 months and would like to maintain a good relationship with my realtor and his connections.

Thanks so much for that advice.  I just didn't want any retaliation from the lender if I say no.

-Kim

I'm getting pressured from my Realtor to use his title attorney and my lender is suggesting his title attorney.  The lender is M & T bank, but it's the health home neighborhood loan program in Baltimore. The loan officer is in a small satellite office.

 Is there a reason why they are both on my neck.  What's the benefit to me for either one and if I don't choose the lender will he slow down the loan.  I'm purchasing a FNMA property and have a ratified contract and need to close in less than 30 days.

Just curious?

The analysis is attached. Click the dark line area.  For some reason I can see the image.  Only the dark line.

I think this is a great deal!  Of course suggestions and clarity is welcomed!  This will be my first.  Putting in the offer today.  Since my last analysis I added $10,000 in renovation.

@Aaron Montague

 - I forgot to thank you! :)

Term.... 30 year conventional.  Reno wrapped in conventional at closing.  Just 6% interest during the renovation payments.  Then conventional kicks in at 4%.  No additional charges or closing after renovation.

I like your criteria.  I was thinking more on the lines of $100 a unit.. but this will exceed that when I move out after a year. How do you compute the cash on cash return percentage. 

1. Duplex Homepath Property: 20 day look. on the 18th day.
2. Listing Price 99,900
3. Offering: 96,000 (hopefully they will accept)
4. Renovation: 10,000 or lower. Contractor looking at property this week.
5. After rent in the area: $800
6. Taxes: $2,900
7. Mortgage: Healthy Neighborhood Renovation Loan  
8. $96,000 + $10,000 (renovation) .
9. Closing cost: $7, 266.  (including taxes, title , insurance... etc.)
10. NO PMI (special program) and only 3% down.
11. 4% interest on conventional loan/6% interest on renovation loan until converted to conventional loan.  Interest payments only during renovation.
12. Mortgage Payment: $961.  If I wrap the interest payment and points in the mortgage the total loan would be $118, 381. Which is an option per the lender.

  Cash at closing needed: Only $3,180.  The offer would include asking homepath to pay 3% of closing cost.  I already have my certificate for the required training course.

1. Owner occupant... I will stay in one unit, but have a roommate paying $300-400 per month for a year and rent the second apartment for $825.
2. What would be your opinion on this deal?  If you need more info please ask.  I'm a newbie!

1. Duplex Homepath Property: 20 day look. on the 18th day.
2. Listing Price 99,900
3. Offering: 96,000 (hopefully they will accept)
4. Renovation: 10,000 or lower. Contractor looking at property this week.
5. After rent in the area: $800
6. Taxes: $2,900
7. Mortgage: Healthy Neighborhood Renovation Loan  
8. $96,000 + $10,000 (renovation) .
9. Closing cost: $7, 266.  (including taxes, title , insurance... etc.)
10. NO PMI (special program) and only 3% down.
11. 4% interest on conventional loan/6% interest on renovation loan until converted to conventional loan.  Interest payments only during renovation.
12. Mortgage Payment: $961.  If I wrap the interest payment and points in the mortgage the total loan would be $118, 381. Which is an option per the lender.

  Cash at closing needed: Only $3,180.  The offer would include asking homepath to pay 3% of closing cost.  I already have my certificate for the required training course.

1. Owner occupant... I will stay in one unit, but have a roommate paying $300-400 per month for a year and rent the second apartment for $825.
2. What would be your opinion on this deal?  If you need more info please ask.  I'm a newbie!

What bank?