All Forum Posts by: Art Shalomov

I had a very similar experience. Definitely a scam. 

Quorum credit union does NOO investment property HELOCS

Depending on what you would like to do, having a great team is a must (realtor, lender, hard money lender, cpa, contractor). The people on your team should have more experience than you so that you can consult with them and ask for advise. Build solid relationships. The relationships will take you much further. 

If you are not planning on moving in to the new property, the lender will consider it an investment property, so you will need the 20% down. In order to buy an investment propery with less than 20% down you would have to find a property with equity or value add. You would buy the home with 10% using hard money, improve it and refinance the existing lien using the new appraised value( will the lender allows using the new value on a R/T refi without a waiting period).  They key here is to find the right property. Hope this helps. 

@Cosette Trantow I work for a mortgage bank (All Western Mortgage). My office is in Scottsdale. Let me know if I can help. Thanks. 

FHA will allow job gaps with a letter of explanation. If you start a new salaried job, the bank will use your new salary to qualify. If you were out of work for over 6 months, you will need to be at your new job for at least 6 months. Also, unless you are a perfect borrower, I wouldn’t go to a bank or a credit union. I recommend working with a mortgage bank. Mortgage banks socialize in only mortgages and have a bit more flexibility. I would be happy to help or at least point you in the right direction.

Hi! are there any small banks or credit unions that will qualify a self employed borrower with 1 year of business tax returns for a purchase money HELOC?

Thank you!

The only way you can do FHA Non Owner Occ is if you are a non occupying co-borrower.

Hi Kevin, Some one with the 580 and 600 fico is eligible but it doesn't mean they would actually get approved. These FHA programs all come with restrictions and almost impossible to close. At 620, you would have a much better chance of getting it done. The lower the scores the higher the risk for the lender, the tougher it is to get approved. I would focus on getting the scores up. My first question would be, what kind of stuff do you have on your credit that your mid score is 606? Paying off the car wouldn't really help your scores but would help your debt to income ratios. Do you have any revolving debt? How old is the most recent collection?

Hi Ryan! I work for a direct lender for FHA and have helped people in the same exact situation. Private msg me and I would gladly help.