All Forum Posts by: Stephanie Medellin

@Francisco De La Fuente  A copy of either the deed of trust or the note would show that you are not responsible for the debt, but I'm not sure that would make a difference if their guidelines require them to count the debt against you.   

@Francisco De La Fuente  As long as you can document that your father has been making the mortgage payments on these loans on time for the last 12 months, they should not be counted against you.  I just went over this for someone else yesterday.  Banks often have stricter guidelines.

@Amy Frederick  It's not the number of mortgages that you have, but the number of financed properties.  This restriction primarily applies to conventional loans.  Are you trying to qualify with full income documentation, or are you looking to qualify only based on the income of the property?  Credit, loan amount, property value, property type will also be factors.  Do you own your primary residence?

@LaQuan Bates  You'll typically need 2 years history working 2 jobs to count the part time income.

@Wendy S.  I think you're going to have to keep following up to get the correct amount from the settlement agent.  If they have the correct number and already have the signed CD from you, just point out that the check was for the wrong amount.  If they are local, ask when you can pick up a check for the difference, or when it will be mailed and get a tracking number.  I'm not sure how closings are handled in Georgia; maybe they received a wire for the wrong amount from the lender and they are trying to get the difference first?  Is it a large amount where the interest will make a huge difference?  Even on $500,000 loan amounts, total interest per day is around $50-60 for the entire loan.  If even $1000 or $2000 is delayed by a few days, it probably won't amount to more than a few dollars in interest.

Your loan officer should be able to make a call or two to help get this resolved.

@Randall Ayers  It doesn't matter where the lender is located, as long as they can offer that type of loan in Colorado.

@Christopher Davis There's a good chance if you hold title in an LLC, the lender will still want you to personally guarantee the loan. If you hold title in an LLC, there's also a good chance that your personal finances will NOT be a factor in qualifying, and the lender will only look at the property's cash flow. If it's in an LLC, you won't be able to get a conventional mortgage.

There are plenty of options that don't require personal / employment income on rental properties, but they will typically look at credit score. 

Do you have a short term rental and want to refinance or pull cash out?

Rates starting at 5.75% for 5/1 ARM, 6.25% for 30 year fixed

Qualify with 12 months short term rental income history

Unlimited financed properties OK

Must own your primary home

Up to $2 million cash out

Up to 80% LTV rate & term refinance / 75% cash out

Same Rates and LTVs for SFRs and 2-4 Units 

Minimum $100,000 loan amount

No reserves needed if property cash flows - qualify on the interest only payment

Email me at [email protected] with your loan scenario or questions.

@Ludovic Ott You would be able to essentially take out your down payment through a cash out refinance, but your property will need to have increased in value enough to do so. If you paid $195,000, that means your condo will need to appraise for $260,000 to allow you to do a 75% LTV conventional cash out refinance, or slightly more if you want to cover closing costs too.

@James Anderson FHA doesn't really consider "partnerships" because this isn't a loan program for investors. It is strictly a loan program for owner occupants, so one of the buyers would have to be buying the property as their primary residence. If you are buying it with him but not living there, you would be considered a non-occupant co-borrower. Keep in mind the following guidelines:

LTV Limitations Based on Non-Occupying Borrower Status
(1) Definition
A Non-Occupying Borrower Transaction refers to a transaction involving two or more Borrowers in
which one or more of the Borrower(s) will not occupy the Property as their Principal Residence.

(2) Maximum LTV for Non-Occupying Borrower Transaction

For Non-Occupying Borrower Transactions, the maximum LTV is 75 percent. The LTV can be increased to
a maximum of 96.5 percent if the Borrowers are Family Members, provided the transaction does not
involve:
• a Family Member selling to a Family Member who will be a non- occupying co-Borrower; or
• a transaction on a two- to four-unit Property.