All Forum Posts by: Marc Dube

is it possible to use my own funds in an IRA for deals?

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*This link comes directly from our calculators, based on information input by the member who posted.

well you may be able to do a heloc as Esta said above. you can do a fixed term and rate equity loan as well but just make sure you aren't getting yourself into a money pit.

when calculating rental income all lenders go off the net profit, not the gross. you either take the lease income and multiply by 75%, then subtract the mortgage payment. If its positive income, then you add the positive income to your other income. If its negative then it is considered a debt.

If you have a schedule E then its calculated differently.  

100% no pmi for SFR owner occupied home. Cannot own any other real estate. Property can be in LMI area of your income must be less than 80% of median tract income levels

depending on the state you live in i have a 2-unit owner occupied loan with 5% down and no pmi. min 660 fico and 2 ways to qualify. either the property must be in LMI area of if income is below 80% of median income tract.  

As a mortgage underwriter and loan officer I can tell you that FNMA and FHLMC will both lend to a 644 fico (the middle of 3 scores) what will happen is that your rate will be higher because of your low score, but you won't be disqualified just because of your score. You will have to show the ability to pay and your debt ratios will be maxxed out at 45-50%, depending on what type of home you are buying. If you are looking to buy an investment property, then you'll need 15% down for a 1-unit home and 25% down for a 2-4 unit home. You will also need reserves after the closing, typically at last 6 months of reserves, so count your dollars to make sure you have enough funds for all of it. What could happen also is that if your rate and points become too high you will fall into the HCML, or high cost mortgage loan area, normally called Section 32/25 and then you'll have difficulty getting financed. That typically happened on small loan amounts because of the fees and points on an investment property. If you are buying a primary home you may want to consider FHA. You'll have pmi but your rate could be lower than conventional. Good luck

is that payment interest only of fully amortized? 

There’s a bank on every corner in Tampa. Ask a friend or a realtor on who they have worked with and start there. The information is the same for all lenders so it’s really a matter of who you feel the most confident with 

you could try a local bank or mortgage lender. not sure where you're located.