All Forum Posts by: Alan Lacey

@William McMurray most lenders will start accepting locks in next few days. Fannie and Freddie automated underwriting will start reflecting as of 12/12 to give fully approved loan fundings. Prior to that they will show approved but ineligible due to loan sizes.

@Matt Nico I would almost guarantee the issue is appraiser received order from appraisal management company as a single family confirmed it by checking record. The got to site and realized goi g to take substantially more time to comp etc. Typically they go back to lender with a complexity fee to account for extra time. Weird that they wouldn’t.

@Sarah Buchanan I would look at debt ration of all debts not rent compared to gross and look for 35 to 40 percent that is metrics lenders use and combined with score gives good performance indicator.

Typically unemployment that isn’t seasonal I wouldn’t consider, but if it is a blip in a long history and lasts for quite a while might give more flexibility. Really depends o. What kJ e of work etc.

@Marcello Di Gerlando there is a company called

Operto which offers a bunch of solutions in space I think for 40. Month will even provide hard ware, but I haven’t used them

@Ryan Myers what kind of lender were you talking to? Hard money, commercial, or typical lender offering Fannie/Freddie. Commercial or hard money are goi g to just have rules they set I. Their guidelines and rules complaining about those is like complaining about the rain. Standard Fannie Freddie lender you either wait to do cash out, or if you qualify for delayed financing. Only few scenarios that they would care about purchase price plus renovations. As others have noted typically a Fannie/Freddie just going to care about appraisal and nothing else.

@Russell Brazil switching lenders on a VA deal won't matter. VA has county appraisal roster, and if they have appraisal on record new lender would use same one. Appraiser should have given tidewater notification giving agent opportunity to provide comparable to support listing price.

@Roger Evans get a different lender. Worse case they should ask for a letter of explanation. Only time I can see it being a true issue is if someone bought the property and moved out in less than 12 and then looking to buy another multi family.You will need significant down payment on conventional 3-4 unit. Fha works , but on 3-4 units rent from non occupied units has to cover payment. Google fha self sufficiency and it will come up.

@Rick Oaks either that or simply bad at math, and has never owned a business. When you lose a dollar in actual money you don’t magically get that dollar back because it is a additional write off. I would gladly save the whole dollar than the 25 to 50 cent I get back from writing it off. Ridiculous

@Sue K. I agree with ou on break even period, but that is not how long it takes to profit . The time it takes to turn a profit is the time it takes for the return on 15k through increased rent to exceed the return on the $15k fro. Where it is currently. So if in a bank at earning less than 1% should make a profit on that investment quickly.

@Ryan Weimer I would ask to see how they calculated your income and if you are flipping a property how that is impacting your income. There is no concern about Time period over which properties acquired. That you are approve ineligible it means credit qualifies but some other factor does not. My guess if it is t your ratios it is meeting the reserve test for rentals. It should say very clearly in du findings why it is ineligible. If what you are seeing doesn’t ask for full copy. I am honestly it sure how a lo wouldn’t be able to tell you.