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All Forum Posts by: Upen Patel

Upen Patel has started 49 posts and replied 1720 times.

New Member Introductions

Post: New Member from Downtown Chicago

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,841
  • Votes 801
@Dimitri Tsiribas Welcome to BP. Lots of info here and folks willing share their experience and knowledge.

Upen Patel, ?Mortgage Banker

VA, FHA, Investor Loan Specialist

National Lender, Federal NMLS# 1374243

1 Vote
Buying & Selling Real Estate

Post: FHA down payment requirements for lease option

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,841
  • Votes 801
@Ben Skowronek Generally speaking, the money you put on the option would go towards your down payment. Would have to see the option contract and lease agreement, to give specific answer.

Upen Patel, Mortgage Banker

VA, FHA, Investor Loan Specialist

National Lender, Federal NMLS# 1374243

0 Votes
New Member Introductions

Post: new member

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,841
  • Votes 801
@Mike Bambi Welcome to BP.

Upen Patel, Mortgage Banker

VA, FHA, Investor Loan Specialist

National Lender, Federal NMLS# 1374243

0 Votes
New Member Introductions

Post: New Investor

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,841
  • Votes 801
@Chase Webster Best of luck. As a landlord, one advise I would give is check your tenants, and if they are not up to snuff, don't rent. Getting extra security deposit will do you no good, if the tenant is a PITA. Being a landlord is a fine balance between being nice and a hard ***. You go to soft and give them leeway and you are done for. And the courts favoring the tenants does not help you.

Don't want to alarm you. Just be cautious and it will be a fun journey.

Upen Patel, Mortgage Banker

VA, FHA, Investor Loan Specialist
National Lender, Federal NMLS# 1374243

0 Votes
New Member Introductions

Post: From serving my country to serving my community

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,841
  • Votes 801
@Mike Faulkenberry Thank you for your service and welcome to BP.

Upen Patel, Mortgage Banker

VA, FHA, Investor Loan Specialist
National Lender, Federal NMLS# 1374243

0 Votes
New Member Introductions

Post: Full Time Investor in San Antonio TX

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,841
  • Votes 801

@Devin Elder 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: Financing a fifth mortgage

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,841
  • Votes 801
@David Long Thank you for your service.

Lots of questions and scenarios in your case. I will give you some general guidelines, as I don't know the details about your mortgages.
* Per Fannie Mae guidelines, an individual can have up to 10 mortgages in their name. So you are fine on that end. Once you go into 5+, the ratios are higher and reserves more.
* Depending on when and where you used your VA benefit, you might be able to get a 2nd VA loan. It will all depend on the chronology of events and location of the property with the 1st VA loan.
* From your description, it looks like you have more then 2yr landlord experience. So 75% the rent you receive will be counted towards your DTI. This includes the paid off rental.
* With regards to the primary residence you bought, which you rented shortly after, the bank will want to see the chronology of events and circumstance. Generally speaking, banks do not like it. But if there is a valid reason, then you should be fine.

Based on what you have stated, you should be able to find a bank that will work with you. You should not need to go the route of portfolio lender.

Upen Patel, Mortgage Banker
VA, FHA, Investor Loan Specialist
National Lender, Federal NMLS# 1374243
0 Votes
Private Lending & Conventional Mortgage Advice

Post: Stocks held in escrow account to meet 20% down conventional?

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,841
  • Votes 801
@Michael Zagorsky What you are talking about is Asset Based Lending. The lender will let you keep your liquid assets and put a lean against it.

Upen Patel

Mortgage Banker

National Lender, Federal NMLS# 1374243

0 Votes
Buying & Selling Real Estate

Post: FHA loans per individual ......

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,841
  • Votes 801
Originally posted by @Michael Dunn:

Thank you both for the replies

Quick question please.... Upen, you mentioned that I would first have to

refi the loan way from FHA

So would I then be refi the property into a regular conventional mortgage with a Bank ?

Thanks again for the help

Yes, you will have to refi the FHA loan to a conventional loan. If the property value has gone up, then you might be fine on LTV. Or else you will have to have cash to get the LTV to 20% of appraised value.

Upen

0 Votes
Buying & Selling Real Estate

Post: FHA loans per individual ......

Upen Patel
Posted
  • Lender
  • Nationwide Lender
  • Posts 1,841
  • Votes 801
@Michael Dunn After meeting the 1 yr O.O requirement of an FHA loan, you would 1st have to refi the loan way from FHA. Then you will be able to get a new FHA loan for your O.O property.

You can't have more then 1 FHA loan at any given time, unless you fall into a few select situations. You have to apply to the FHA to get an exception to get a 2nd FHA loan, while you still have the 1st.

Upen Patel

Mortgage Banker

National Lender, Federal NMLS# 1374243

0 Votes