All Forum Posts by: Account Closed

You have a special circumstance that might allow for that situation. If you would have a family member live there you are clear as I have posted the guide line from HUD "Military Personnel Eligibility". You will be looked at weather you actually intend to live there at all in underwriting but you are not actually violating the terms.

"Borrowers who are military personnel, who cannot physically reside in a Property because they are on Active Duty, are still considered owner occupants and are eligible for maximum financing if a Family Member of the Borrower will occupy the subject Property as their Principal Residence, or the Borrower intends to occupy the subject Property upon discharge from military service."

To throw another option into the ring you could look into a rate and term refi if you are looking to increase cash flow and want to keep those funds where they are. More interest gets paid over time but it could fee up some cash flow and keep you asset. It depends on your current goals, what you might do with the money or when it might be needed elsewhere.

If you are w-2 and not commission you should be fine, and as long as there are not other risk factors you should still be fine with commission. But with nearly 2 years at the refi I would not be too concerned. The big point is how probable is the employment and income to continue as long you are in good standing at your job it should be fine.  

I am not a real estate lawyer but I am pretty sure all property in FL needs to go through probate no matter what was set up before he passed.

@Jason Maestas I know of at least 1 private wholesale non-prime lender that does an investor cash flow program to solve this problem. It can be used for new or cash out options. The basic overview for 1 unit property is max LTV 75% factored on cash flow of less than or equal to 90% or PITIA/Market Rent (Principal + Interest + Taxes + Insurance + HOA/Market Rent) The company is Angel Oak I have access to them but they are quite active in FL if you are looking for someone more local to you. There are some other factors that could come into play. Rates are a bit more than conventional but they are solving problems conventional products will not. 

As long at it fits the guide @Fyzl Atmar mentioned you can find someone. Just like self-employment income some lenders don't want to see that if the math works it's fine. And if your situation does not fit the two year average of Fannie there are also options for using rental cash flow to qualify.