All Forum Posts by: Tim Johnson

@Stephanie Money   On primary if appraisal comes in high enough and depending on loan type used.  You would need 3% to 10% down.

Look at the fannie mae homestyle loan.  I find it much easier to work with, and less clutter in paperwork.

Is it a warrant able condo? Condo's can be tricky to do, you need to follow some steps. You can do a DSCR loan- they only look at the asset and some lenders are starting to get very good rates and faster closing times on this product.

have you looked into a DSCR low? They are not based off personal income and DTI doesn't come into play. They close in about 2-3 weeks and super easy. Rates are great for the product. 5.75% to 6.5% depending on what you want to do.

Is this going to be a primary residence or investment property?  If investment property you will need 20% down payment.  

I'm licensed in Texas.

Another lender that does one time close is flagstar bank

@Stephanie Money

What state is the property in?

I have closed about 7 loans for foreign nationals and to be honest they are all different and difficult.

The main issues are always the same:

1. You need money in a US account, the longer the better but 6 months is best and clears a ton of paperwork drama

2. LTV drops big time, most lenders cap out at 65% lTV, so you need 35% down payment- We receive a ton of calls for this and most clients think they can only put 10% down or less. Not happening.

3. If you don't have a us credit score, they require mortgage history. This can be extremely difficult to get from your lender in a non US country. Just had one that took about 2 months to get 12 months of mortgage history from.

4. I have closed them in both personal names and LLC. If you going llc, make sure you get the full documents. Articles organization, LLC docs, and operating agreement.

5. Talk to your lender before, and get a timeline on closing. Plan on 60 plus days to close. Most also require a lexus background check, so plan on paying out of pocket about $1200 or so.

Rates are also higher, so don't go in thinking your getting a low 4's rate. Best I have seen is mid 6's.

If the property is a really good deal, do a DSCR loan, they close quicker and way less paperwork and headaches.

The only really fast thing about them is your don't have to follow TRID and all the BS laws.  So all the CD laws and ESIGN docs are gone.  Its old school

Whats the build date on the mobile home?  If its before 1976 you can't get a mortgage on it.  You can get a personal loan I think if the value is less than 50k, but you should check with some lenders on that.

Also when you say mobile are talking with wheels, or is it manufactured on a foundation?

You can get a loan to demo the thing and bring in a new one, if it makes sense.  I would talk to some lenders that do one time close construction loans and tell them what you want to do.

@William Sieving

This does happen with private lenders, most can't handle volume and you get these delays.  My favorite private lenders is really slow and travels a lot, so I have had this a couple times.  Its a mom and pop team, they take like 45 days to close and its always down to the wire.

Get an email from the lender that says they are just backed up, and send it to the seller.  Think of it this way.  If the seller has to put it back on the market, get an offer and close its still coming to take him 45 plus days to close, so in the big picture whats another couple days.  Its much quicker for the seller to just deal with it for another week.  You are the fastest path to his end goal of selling the house.

Have they issued the CD?  That generally will make the sellers feel more comfortable.

welcome aboard.  Both are great areas.  I have family in cedar, so i'm up in the area at least once a month.