All Forum Posts by: Upen Patel

@Ryan Zomorodi Welcome to BP. My sister is in San Diego and I visit every chance I get. Smart getting started early. Wish I had. Good luck on your journey.

Upen Patel, Mortgage Banker

National Lender, Federal NMLS# 1374243

0 Votes

Private Lending & Conventional Mortgage Advice

Post: Can I get an FHA loan?

Upen Patel

Posted September 09, 2015 06:40

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Christopher Stanis It will depend on how the SFH is financed. As PR or R. If it is financed as R, then you should be fine. I would also recommend that you have a tenant in the SFH before you apply for the FHA loan, that way you might be able to use the rental income for your DTI.

Upen Patel, Mortgage Banker

National Lender, Federal NMLS# 1374243

0 Votes

@Brian Kertscher Originating a loan involves a lot of work and lot of folks (separation of power). That's why you see many small fees.

Most of these are 3rd party fees that the lender is passing along to you. The most likely lender fees (loan origination charge) are: processing fee, underwriting fee, doc assembly fee, lender fee... The lenders got to make some money to, so their folks can be paid. :-)

Upen Patel, Mortgage Banker

National Lender, Federal NMLS# 1374243

0 Votes

General Landlording & Rental Properties

Post: Tenant Wont Pay rent and Wont sign Lease

Upen Patel

Posted September 08, 2015 19:28

Lender
Nationwide Lender
Posts 1,841
Votes 801

Eviction is your only option. If she will not sign a lease, then she is month-to-month per the old lease. If she is not paying on time, then as long as you have notified her each time that she is late, you should be able to get an eviction. Get hold of a good lawyer fast and be done with her. You don't want to keep her as a tenant even if she is willing to sign the lease. Its easier to rip out the band-aid swiftly then painfully over time.

Good Luck.

Upen Patel

3 Votes

@Brian Jones Buying with cash taking out via HELOC is the same as buying with Cash. You can do delayed financing on the purchase within 60 days at the purchase price/appraisal. If you are making improvements and want a new appraisal, then there will likely be a 3-6 month seasoning.

DO NOT go to the lender that you have the HELOC with. Most HELOC's have a clause that does not allow you to use the funds for investing, business, flips, etc. If they find out they can recall the loan.

Good luck.

Upen Patel, Mortgage Banker

VA, FHA, Investor Loan Specialist

National Lender, Federal NMLS# 1374243

0 Votes

@Michaelina Stathakos Had you checked the lease agreements? Did you have language in the purchase about the existing tenants and their deposits? If the seller let the tenants out of a lease in the middle of a sale, then you might have recourse to invalidate the purchase contract and get your EMD back.

Can't give you specific details without seeing the purchase agreement. Your realtor should be stepping up and helping you through this.

Like others said, you might want to consider OO if you have to or want to go through with the purchase.

Upen Patel, Mortgage Banker

VA, FHA, Investor Loan Specialist

National Lender, Federal NMLS# 1374243

1 Vote

New Member Introductions

Post: New member from South West Ohio, and Raleigh NC

Upen Patel

Posted September 08, 2015 15:20

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Chris Wallace Great start to stumble upon. Welcome to BP.

Upen Patel, Mortgage Banker

VA, FHA, Investor Loan Specialist

National Lender, Federal NMLS# 1374243

0 Votes

Private Lending & Conventional Mortgage Advice

Post: HELOC rejection due to nonexistent info...WTH?

Upen Patel

Posted September 08, 2015 12:19

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Vonetta Booker By law, they have to provide you a denial letter stating the reason and a copy of your credit report that they used.

Get that and then you can see if they made a mistake and have them fix it. If they refuse to then move on but do file a complaint with CFPB.

Upen Patel, Mortgage Banker

VA, FHA, Investor Loan Specialist

National Lender, Federal NMLS# 1374243

1 Vote

Private Lending & Conventional Mortgage Advice

Post: Double Primary Residence Mortgages

Upen Patel

Posted September 08, 2015 09:47

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Sam Alpha If you want to rent the new property, then the best course of action would be to refi the property as a rental. Yes, the rate would be a bit high, but at least you don't have to worry about your lender calling in the loan. And its financial fraud, which is a federal offence. You don't want that hanging over you.

Don't go to the same lender for the refi.

Upen Patel, ?Mortgage Banker
VA, FHA, Investor Loan Specialist
National Lender, Federal NMLS# 1374243

0 Votes

Private Lending & Conventional Mortgage Advice

Post: Double Primary Residence Mortgages

Upen Patel

Posted September 08, 2015 08:40

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Sam Alpha If you rent the old primary residence (one you are trying to sell) and move into the new one, then you will be fine. DO NOT rent the new one, because you got the mortgage as a primary residence. It would be fraud. You might get away with it, but its not worth the risk it carries.

1 Vote

All Forum Posts by: Upen Patel

Upen Patel has started 49 posts and replied 1720 times.

Post: New member from San Diego!

Post: Can I get an FHA loan?

Post: FHA Application Fee Worksheet

Post: Tenant Wont Pay rent and Wont sign Lease

Post: Refinancing a HELOC

Post: Last minute issues

Post: New member from South West Ohio, and Raleigh NC

Post: HELOC rejection due to nonexistent info...WTH?

Post: Double Primary Residence Mortgages

Post: Double Primary Residence Mortgages

Upen Patel has started 49 posts and replied 1720 times.

Biggerpockets Logo Post: New member from San Diego!

Biggerpockets Logo Post: Can I get an FHA loan?

Biggerpockets Logo Post: FHA Application Fee Worksheet

Biggerpockets Logo Post: Tenant Wont Pay rent and Wont sign Lease

Biggerpockets Logo Post: Refinancing a HELOC

Biggerpockets Logo Post: Last minute issues

Biggerpockets Logo Post: New member from South West Ohio, and Raleigh NC

Biggerpockets Logo Post: HELOC rejection due to nonexistent info...WTH?

Biggerpockets Logo Post: Double Primary Residence Mortgages

Biggerpockets Logo Post: Double Primary Residence Mortgages

Post: New member from San Diego!

Post: Can I get an FHA loan?

Post: FHA Application Fee Worksheet

Post: Tenant Wont Pay rent and Wont sign Lease

Post: Refinancing a HELOC

Post: Last minute issues

Post: New member from South West Ohio, and Raleigh NC

Post: HELOC rejection due to nonexistent info...WTH?

Post: Double Primary Residence Mortgages

Post: Double Primary Residence Mortgages