All Forum Posts by: Alan Lacey

@Josue Rivera you can refi balance you per the day after you close with Fannie Freddie based off appraised value. There is only a 6 month wait to take cash out above and beyond hard money.

As long as you are majority of llc you can just refi and feed into individual name at close. As mentioned above cannot do a conventional loa. In name of llc

@Elizabeth Kness no that isn’t common. It isnt required by Fannie/Freddie. Aim has good pricing, but if you read their reviews on Zillow etc it will definitely raise a flag. I have been mortgage lender for 23 years and have never heard of that. My guess is that they sell their loans to somewhere like Provident Funding after closing who is widely known for great pricing and tight guidelines. Even if that were a common practice lenders underwrite your current situation not projecting so in your case should just hit you for half the rent

@Drew Slew it depends on what you need. A cash out refi is going to have closing costs far greater than a helix, unless you take a higher rate and do a no cost loan. If you don’t know whe. You need the money heloc as value because you are only paying interest on the draw. With a heloc also pay close attention to the draw period. Starting to see a lot with only a five year draw which is annoying, and also what the annual fee is and surrender fee if you payoff in three. I tend to find credit unions tend to offer beat terms.

If you don’t have a amazing rate and have a fixed amount of cash out you need in immediate future, and only need to borrow up to 80% redo the first.

@Travis M.The issue is the llc if you are looking for Fannie/Freddie financing. You can use delayed financing, or could record a note and mortgage from llc to individual make a payment or two and then refinance it as rate and term. Again as a individual not llc. Not allowed on standard financing.

If you are going with a conventional Fannie/Freddie loan they all underwrite to same guidelines just a matter of price and not screwing up. If you are 1099 and writing off a lot of your income or have less than a 2 year history it is going to be tough. Otherwise refinancing a rental no different than anything else. If you do have still issues ther are a few companies offering DSCR loans on residential. Angel oak is the one that comes to mind.

Best bet is to look at taking out a heloc on the primary many places that offer 90 and a few to a 100, but maybe not on duplex. Michigan first cu very aggressive on High Ltv helocs.

In Michigan the county doesn’t typically show property taxes. You generally have to go to city/village/level and almost all go through bsaonline.com. As a buyer you want to look at assed value not taxable, and then run that through property tax estimator  link provided above 

If home is in a land contract you will not be able to do a cash out refinance ona traditional Fannie Freddie mortgage, and very few lenders willing to provide a second lien behind a lc. Best bet is to refinance lc into a standard conventional loan and then look for a heloc, preferably with the same bank or cu to make the process easier