All Forum Posts by: Zach Stiegler

@Miriam Velazquez Yes!

Agreed, would love to attend this as I also missed the event.

Thank you all for your posts!
Sorry for the late response. Yes I had already looked at FHA loan for a quadplex and FHA has a minimum house distance if you already own / live in a property. I need to stay within the radius that FHA disqualifies us for in regards to existing home.
Good news, I've spoken to make lenders (FCU's specifically) and actually found one that does "Essential Worker, Zero Down Payment" program that has reduced rates and no rules against already owning houses in the area. Just has a single unit max, live in the unit 1 year, and $750k loan with 0% down. 
But I'll be looking to buy more later and definitely keeping an eye out for pre built ADUs since my ADU that's being built now at my first home took 12 months to permit. Thanks everyone!

My bank, Schools First FCU says I can do 3% down on a $650k SFH or 5% on a $750k SFH, but if they see that the home is actually a Duplex then they force the Down Payment to be 15% even if I can qualify for 3% Down with zero rental income! Seems like a broken system to me.

Are there banks that can give me a 3-5% conventional loan on a Duplex if they're the same price as a SFH? That seems crazy that I can put less money down on a property that will net me less money than one that could make my income higher or worst case scenario, just stay the same. I just don't see why they have to change the underwriting when I proved I can handle a $700k property without any additional income.

Am I misunderstanding anything? Are there banks that can qualify me for a property at a flat rate and down payment regardless of whether it's 1-4 units, as long as it's residential?

I look forward to learning more at this awesome meetup and excited to get ready for my next house hack next year!

How do we join your meet up page? :)

I’m excited to learn!

Hi! I have $260k in private stock (and growing fast). Could you please recommend a lender that you know does loans or lines of credit on private stock collateral? This money would be for a down payment on an investment property. All the banks I’ve called so far said no; I’ll keep calling more in the meantime. Thank you!

(Sorry for the repeat post. I request that you only respond if you have a bank/reference that you know does this, lest I have to repost to get a solid answer/reference. Thanks:)

@Issac San Miguel

I have not chosen a property yet, though I’ve had a few options in mind. It’s partly dependent on how much credit would be allowed, but looking in TX at the moment.

Yes, that would be super helpful! Thank you!