All Forum Posts by: Shaun Weekes

Shaun Weekes has started 33 posts and replied 1673 times.

Originally posted by @Ayo O.:

We are presently in the process of doing a refi on a SFH.The property has a lien placed as a result of a judgment.Title company has not make any effort in obtaining a payoff for the lien.My question is that am I wrong to expect a title company to obtain such payoff?

If the seller is selling you a house with a lien on it, I would have them get the payoff for it. This also needs to be addressed in the purchase contract just so there's no confusion on who is paying for it.

Just my 2 cents.

0 Votes

@Zahid Aziz

What is your lending scenario so that we can better advise and or help you out.

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Originally posted by @Candace Price:

Hi,

I have an 80 plus unit class c property under contract in Florida.

Before I talk to my bank. I would like to ask members here. What’s the best interest rate they’ve seen or gotten on 50+ units.

That’ll give me starting point if I should even go to my bank or seek another lending institution.

If you can please share your knowledge, it’ll be greatly appreciated!

Thanks!

What is the sales price and how much are you putting down? Also, what's the rent roll on the property?

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@Shaun Weekes

Auto correct added Inn...lol. Sorry

1 Vote

@Gerardo Gutierrez

2 things that aren't being considered are the following since you said this was a rental.

- If you're using a bank that sells to Fannie or Freddie the max LTV will be 75% for an SFR and 70% for a 2 to 4 unit. This can only be obtained after 6 months seasoning.

- If you do need your money earlier and the home was purchased with cash you'll need to use delayed financing via Fannie which will come at an LTV 5% lower and the cash out amount cannot exceed the purchase price.

Any other product that has a higher LTV is a portfolio loan, private loan or Non Qm loan which will come with higher interest rates.

Inn

Regarding the HUD I've been seeing and hearing that Fannie is cracking down on this and not including rehab costs and only going off the purchase price.

I would base your numbers off purchase price, ARV and 75% or 70% depending on the property type.

I hope this helps and have a great day.

1 Vote

@Craig Huston

If you plan on paying back the HELOC within 6 to 12 months then go that route.

If you don't then go with the refinance.

HELOCs are good for fix & flips and BRRRR

If it's a buy and hold or will take longer than 12 months use cash out.

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Originally posted by @Jeremy P.:

@Shaun Weekes

Thanks so much Shaun. This property is my primary residence and it is condominium.

I have $485k on my mortgage and a conservative value of my unit is $1.5m. I’m not trying to tap into equity. I just want to understand this mortgage change and explore options to have it lowered.

I would contact a broker that works in your area and see what needs to be done to get you into a 30-year fixed mortgage. Your C.I.A. (Credit, Income, Assets) plays a large roll in this. Credit and Assets seem great so you'll just have to go over your taxes and see if you can make it work or set up your taxes this year to make it work which can be done if you're self-employed and make enough cash.

Depending on how strong your assets are there are loans out there that would use your assets to get a loan approved. Higher rates but most like lower than what you currently have.

I hope this helps and have a good one Sir.

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Originally posted by @Jeremy P.:

Hey. I can use a little advice.

In June 2012, I took out a 7 year ARM at 4%.

This past June, I was notified that my ARM has expired and my interest rate will rise. With rates where they are, do the numbers below make sense?

Effective Interest Rate: 5.375%

Loan Type: Conventional

Next Change: 6/1/20

Payment Interest Rate Change: 12 Months

Interest Rate Change: 12 Months

1 year usts monthly average

Index Rate: 2.55%

Margin: 2.75%

Rounding Factor: .125%

This is a huge increase in my monthly mortgage payments. While I have a lot of liquid assets and perfect credit, I can’t refinance to a 30 year fixed or anything else because my income doesn’t show much.

Anyone have any advice on options to adjust this or when the rate may go up even higher or lower?

I don’t know much about the mortgage business so please pardon my ignorance.

Thanks,

Your current floating rate is much higher than today's 30-year fixed rate. What are the details about your property? Specifically, value, amount owned, SFR or unit property and is this your Primary Res or Investment home? The market has opened significantly in the last 7 years so with more information the BP community might be able to help you find financing.

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@Martin Estrada

Both Fannie and Freddie will accept 1 year tax returns. Find a good Loan Officer or Broker and you will need to show that you've been in business for at least 2 years.

1 Vote

Originally posted by @Juan Abreu:

Sorry to jump back on this thread after so long.

I'm currently house hacking my 3/2 house. I live in one room and rent the other 2 out (have leases and everything) but my tenants only cover about 85% of my PITI. Based on what you guys say here, this would not help offset my future DTI at all? @Chris Mason @Shaun Weekes @Dan Schwartz

Your jobs income will offset the rest. Plus when you move out your room will be rented for additional income which will help even more.

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All Forum Posts by: Shaun Weekes

Shaun Weekes has started 33 posts and replied 1673 times.

Post: Whose job is it to request judgment lien payoff

Post: Interest Only Commercial Loan

Post: 80 unit apartment UC. What’s the best interest rate I can get?

Post: Refi after a cash purchase best strategy

Post: Refi after a cash purchase best strategy

Post: Can I get more than one mortgage in my name?

Post: Mortgage Advice Needed

Post: Mortgage Advice Needed

Post: 12 Month Bank Statement / 1 Year Tax Return

Post: How long before lenders count rent income towards DTI ratios?