All Forum Posts by: Upen Patel

@Frank Kratochvil As owner occupied, you can do either conventional or FHA. Your financial circumstance and the property pricing would determine which is the better option.

A good mortgage banker can help you think though this and help you determine how much you qualify for under the different loan options.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

Hi! @Jeff C. Welcome to BP. We welcome everyone, even folks carrying loonie's :-)

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

Hi! @Kala Krishna. Welcome to BP.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

Hi! @Brent Hanson:

For a non-owner occupied triplex you can get a conventional loan with 25% down.

Being that both FHA and VA loan require owner occupied, those would not be an option.

Lets speak so I can better understand and see if there is any other option.

Upen Patel

Mortgage Banker, VA Loan Specialist

web: www.thefederalsavingsbank.com/upenpatel

The Federal Savings Bank

cell: (571) 331-5161

email: [email protected]

National Lender, Federal NMLS# 1374243

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Hi! @Todd Campbell Welcome to BP. Glad to see a fellow NoVA member.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

Private Lending & Conventional Mortgage Advice

Post: Refi after cash deal

Upen Patel

Posted September 15, 2015 14:41

Lender
Nationwide Lender
Posts 1,841
Votes 801

Originally posted by @David Nadelstumph:

@Upen Patel I went to local bank (bank America ) and was told that program only works for primary residence.

I can't speak for other lenders.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

Private Lending & Conventional Mortgage Advice

Post: Refi after cash deal

Upen Patel

Posted September 15, 2015 14:40

Lender
Nationwide Lender
Posts 1,841
Votes 801

Originally posted by @Andreas W.:

@Upen Patel

Do the 60 days count using the mortgage closing date or the application date? Also, what LTV do you offer?

The process needs to be started within that time frame and closed in a timely manner. So you can't start the file and then close a year later. This is viewed a purchase loan, so applicable the LTV guidelines should be followed.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

Hi! @Michael Clippinger Welcome to BP. Great to see someone from NoVA.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

@Shaquetta Chittams Unless you are referring a local state/county/city incentive/assistance program, there is no "program" for 1st time home buyers on the mortgage side. As a 1st time home buyer you can get a conventional mortgage with just 5% down, but that's about it.

You can get a 3.5% down FHA loan at any point, as long as the property is owner occupied.

Can you please be specific as to what you are referring to when you say "programs"?

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

All Forum Posts by: Upen Patel

Upen Patel has started 49 posts and replied 1720 times.

Post: New Member from Maryland

Post: Owner Occupant purchase of quad

Post: Architect from Toronto

Post: New Member

Post: VA Loans, Veteran Owned National Lender

Post: Investors in Virginia

Post: Refi after cash deal

Post: Refi after cash deal

Post: New Member from Northern Virginia

Post: 1st Time Homebuyers

Upen Patel has started 49 posts and replied 1720 times.

Biggerpockets Logo Post: New Member from Maryland

Biggerpockets Logo Post: Owner Occupant purchase of quad

Biggerpockets Logo Post: Architect from Toronto

Biggerpockets Logo Post: New Member

Biggerpockets Logo Post: VA Loans, Veteran Owned National Lender

Biggerpockets Logo Post: Investors in Virginia

Biggerpockets Logo Post: Refi after cash deal

Biggerpockets Logo Post: Refi after cash deal

Biggerpockets Logo Post: New Member from Northern Virginia

Biggerpockets Logo Post: 1st Time Homebuyers

Post: New Member from Maryland

Post: Owner Occupant purchase of quad

Post: Architect from Toronto

Post: New Member

Post: VA Loans, Veteran Owned National Lender

Post: Investors in Virginia

Post: Refi after cash deal

Post: Refi after cash deal

Post: New Member from Northern Virginia

Post: 1st Time Homebuyers