All Forum Posts by: Tyler Huntington

Most HELOCs I've seen have the option to be converted to a HEIL. Up to 20 year AM. Most lenders I know of will only a HEIL with a concurrent refi of a 1st lien mortgage. Heloc, Heil. Potato, potahto. Same difference

Us bank goes to 90% cltv. Early closure fee $500 if closed within 3 years. Hope that helps

Hi, some lenders (including the one I work for)  will do a limited review on the condo which means the owner that has 5 of the units would never come up. I work for a bank and may be able to assist. Feel free to reach out.

I have a 2 unit property I am trying to get financing on, conventional if possible.

2 units detached. 1 is a normal stick built house, the other is a manufactured house. Manufactured house is 10 years old, on a permanent foundation with a 433A recorded on it. 

I've spoken to 30 different lenders and no one wants to touch it.

70-75% LTV, 740+ FICO, Strong reserves, <25 DTI, Investment property. Does any one know of a lender who would consider financing this?

Thank you in advance

15% down on a 3 unit is fantastic! If your #s w/ 15% down, I'd stick w/ what

Fed increased federal fund rate, not mortgage rates. Mortgage rates follow the 10 yr bond or TNX on the ticker. Mortgage rates have been coming down for the past month. There is no PMI offered on invest to properties. Min down on 3 unit is 25%. If your credit is good, rates should be in the mid 4s, not mid 5s. Shop around, not with a broker who makes more $ if they charge you a higher rate. (still can't believe that's legal)

Seems to me like you're talking to a snake oil salesman. Typically to lock a loan a lender (I work for a bank as a loan officer) will want a deposit to pay for bona-fide up front cost. Appraisal, credit report, flood cert. $1k is absurd. If your credit is in good shape, and doing conventional financing, your rate should be mid 4s, not mid 5s. I'd suggest you look around a bit. Rates have been coming down consistently the past 30 days. As I said, snake oil salesman. Good luck

Hi Jake, Fannie allows use of rental income without 2 year history (I work for a Fannie shop and I don't believe Freddie allows this) You will also get 75% of potential rents on the new unit. Which should lower your Dti where you should not have a problem with qualifying. Look for a Fannie shop.

Sorry, Just noticed the 8 unit. Not Fannie/Freddie Territory

Just keep in mind, unsecured loans to use as a down payment is not an acceptable source of funds per Fannie/Freddie. Funds must be seasoned for 2 bank statements. If the deal is sweet enough and you can get a 90 day escrow, you just might be able to swing that with 100% financing and work diligently to pay off the $50k unsecured.