All Forum Posts by: Shaun Weekes

An appraisal is just an opnion of value so if you can show a different picture and nicely give the second appraiser these comps that you found you'll likely get a higher value.

Also remember that most value is improved with additional SQ footage, new bathrooms, new kitchen. None of this was done so make sure you really highlight the bright spots and move forward from there.

I hope this helps Sir.

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Hello Bernie,

You can go up to 10 financed properties with conventional financing so make sure that you do all of your research so that you get the best terms available to you. If you have a spouse or close family member that's another ten properties financed.

I regards to looking ahead I would deal with one person so that they know your situation from A to Z. By this I mean they know your DTI and what you qualify for and can estimate what you would qualify for in the future based on the current information you provide them.

I have some clients that have been with me since 2005 and I know their income, job history etc from A to Z. When you find someone who can help you this way and understands the lending business and most important has access to the products you need you'll be just fine.

Happy hunting and I hope this helps.

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Welcome Mathew,

Have fun and learn at the same time. There's a tone of information on here that will help you move forward. Good Luck and if you need anything PM me.

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Sorry about the copy and paste as it came out looking horrible. I hope it still all makes sense :)

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Hello Larry,

If you're looking for conventional financing most likely you would qualify for delayed financing which is available when you have only had the home for 6 months or less. However most banks will require you to finance this home in your name and not your companies name.

Here is the delayed financing guideline from Fannie Mae's website:

Delayed Financing Exception

Borrowers who purchased the subject property within the past six months (measured from the date on which the property was purchased to the disbursement date of the new mortgage loan) are eligible for a cash-out refinance if all of the following requirements are met.

?	Requirements for a Delayed Financing Exception
The original purchase transaction was an arms-length transaction.
For this refinance transaction, the borrower(s) must meet Fannie Mae’s borrower eligibility requirements as described in B2-2-01, General Borrower Eligibility Requirements. The borrower(s) may have initially purchased the property as one of the following: a natural person; an eligible inter vivos revocable trust, when the borrower is both the individual establishing the trust and the beneficiary of the trust; an eligible land trust when the borrower is the beneficiary of the land trust; or an LLC or partnership in which the borrower(s) have an individual or joint ownership of 100%.
The original purchase transaction is documented by a HUD-1 Settlement Statement, which confirms that no mortgage financing was used to obtain the subject property. (A recorded trustee's deed [or similar alternative] confirming the amount paid by the grantee to trustee may be substituted for a HUD-1 if a HUD-1 was not provided to the purchaser at time of sale.) The preliminary title search or report must confirm that there are no existing liens on the subject property.
The sources of funds for the purchase transaction are documented (such as bank statements, personal loan documents, or a HELOC on another property).
If the source of funds used to acquire the property was an unsecured loan or a loan secured by an asset other than the subject property (such as a HELOC secured by another property), the HUD-1 for the refinance transaction must reflect that all cash-out proceeds be used to pay off or pay down, as applicable, the loan used to purchase the property. Any payments on the balance remaining from the original loan must be included in the debt-to-income ratio calculation for the refinance transaction. Note: Funds received as gifts and used to purchase the property may not be reimbursed with proceeds of the new mortgage loan.
The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV/CLTV/HCLTV ratios for the cash-out transaction based on the current appraised value).
All other cash-out refinance eligibility requirements are met with the exception of continuity of obligation, which need not be applied. Cash-out pricing is applicable.

I hope this helps and if you have any more questions I'm here to help Sir.

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Hello Larry,

Here is the delayed financing guideline from Fannie Mae's website:

Delayed Financing Exception

?	Requirements for a Delayed Financing Exception
The original purchase transaction was an arms-length transaction.
For this refinance transaction, the borrower(s) must meet Fannie Mae’s borrower eligibility requirements as described in B2-2-01, General Borrower Eligibility Requirements. The borrower(s) may have initially purchased the property as one of the following: a natural person; an eligible inter vivos revocable trust, when the borrower is both the individual establishing the trust and the beneficiary of the trust; an eligible land trust when the borrower is the beneficiary of the land trust; or an LLC or partnership in which the borrower(s) have an individual or joint ownership of 100%.
The original purchase transaction is documented by a HUD-1 Settlement Statement, which confirms that no mortgage financing was used to obtain the subject property. (A recorded trustee's deed [or similar alternative] confirming the amount paid by the grantee to trustee may be substituted for a HUD-1 if a HUD-1 was not provided to the purchaser at time of sale.) The preliminary title search or report must confirm that there are no existing liens on the subject property.
The sources of funds for the purchase transaction are documented (such as bank statements, personal loan documents, or a HELOC on another property).
If the source of funds used to acquire the property was an unsecured loan or a loan secured by an asset other than the subject property (such as a HELOC secured by another property), the HUD-1 for the refinance transaction must reflect that all cash-out proceeds be used to pay off or pay down, as applicable, the loan used to purchase the property. Any payments on the balance remaining from the original loan must be included in the debt-to-income ratio calculation for the refinance transaction. Note: Funds received as gifts and used to purchase the property may not be reimbursed with proceeds of the new mortgage loan.
The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV/CLTV/HCLTV ratios for the cash-out transaction based on the current appraised value).
All other cash-out refinance eligibility requirements are met with the exception of continuity of obligation, which need not be applied. Cash-out pricing is applicable.

I hope this helps and if you have any more questions I'm here to help Sir.

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Hello Ewa,

My minimum loan amount is 50K and they're are multiple banks in the LA area that will go down to that number as well.

I hope this helps and I'm here to help in any way that I can.

1 Vote

Hello Kathy,

UOPM ( Use Other Peoples Money) to make money....I still think cash is king so use it wisely.

However I'm sure you'll make a great decision especially with all the advise and insight on this post and website in general.

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Hello Zac,

I totally get it in regards to writting items off. However you're now seeing that you need that income in order to qualify for a mortgage. With your schedule E homes you can add back a lot of items so depending on what's been written off you might be ok.

You can also contact your CPA and see if amending your taxes is something that you want to do in order to show more income. I have clients that have done this in the past and it has worked for them. Again sit down with you CPA and crunch the numbers. If you amend the 1040's and you have to pay 2k in taxes but you're saving $400 a month on your mortgage it's a no brainer. But if you're paying 2k and you're saving $100 dollars it will take you 20 months to recoup your funds which is still good but it might not be enough to spark your interest.

I hope this all makes sense and helps you out Sir.

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Welcome Rasheedah,

I wish you the best of luck and this site really has a lot of great information so take the time to read it and move forward from there. If you have any questions about conventional financing I would love to help you out. Take care and have a great day :)

1 Vote

All Forum Posts by: Shaun Weekes

Shaun Weekes has started 33 posts and replied 1673 times.

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