All Forum Posts by: Upen Patel

Mortgage related pulls in a 30 day window are considered as 1 hard pull.

If you have enough documented income to qualify for the mortgage yourself, then you don't want to have your wife as a co-borrower. Another advise is to keep her off the title as well. Both the loan and title should only be in your name. That's the only way you can be sure that you can each get the max # of conventional loans.

PM me and I will be happy to answer any specific questions you have.

Upen Patel
Mortgage Banker

Keep in mind you need cash to cover the 3.5% down payment + 1.75% funding fee. FHA can also ask for up to 6 months of reserves.

PM me if you have specific questions about FHA loans or FHA process.

Good luck.
Upen Patel

I can do those all day long. PM me if you want to discuss.

Upen Patel

If you intend to keep the property for at least 3-4 yrs, then it is worth looking into.

PM me if you would like to explore.

Upen Patel

The best benefit available to you is a VA backed loan.

In Cumberland county, the max VA benefit is:

1 unit - $417,000

2 unit - $533,850

3 unit - $645,300

4 unit - $801,950

What you want to do is get your COE that way you will your eligibility and your funding fee.

More important that getting a loan is to plan for what you would want to do with the property when you get orders to move.

PM me and I will be happy to help you think through the options you would have.

Upen Patel

Does your brother claim your mothers home as his primary residence currently? You are either an owner, renting or staying with parents for free. Given that he is on the title, then the free part goes away. The more likely scenario is that your brother disclosed it as an "asset" on the loan application. Now that it is out, he can't put it back in with this lender. He can speak with other bankers with the details of his situation to determine if it would be treated differently.

In your scenario of moving residences, Yes, the currently residence will be counted on your DTI. Moving it to an LLC will not help, as you are still the guarantor. You can refi it as a commercial loan, but those terms/rates are not as good.

If you are on the title, then you are responsible for the loan, taxes, insurance, and the rest, even if you are not on the loan. That does not mean that it would be on your DTI when you get a new mortgage loan. Its all about association.

Hope this helps. Feel free to PM if you have more questions or simply would like to chat about RE.

Upen Patel

You can have multiple individuals/co-grantors on a loan, but you can't get two separate loans for the purchase of a single property. Its possible to take the loan out in a single persons name, and have additional individuals on the title.

Hope this helps. PM me if I can answer additional questions about how mortgages work.

Upen Patel

FHA loans are for primary residence only. Assuming the current is a shared primary residence with your father, and if you are intending to occupy the new property for at least 1 year, then yes it should be possible for you to get a FHA loan for your own primary residence. We would have to do some paperwork to get FHA approval, but it can be explained that its a shared residence, and now you want to move out on your own.

PM me if you would like to discuss more.

Upen Patel

Likely he would be able to get an asset-based loan, where the bank would put a lean against the assets and then issue a loan.

Please PM me if you would like to discuss options.

Upen Patel