All Forum Posts by: Brian Prom

@Anthony Gayden 

Thanks for that, I have been looking for that loan doc.

@Jeff Trevarthen 

The beautiful thing about my current home is that I've spent 5 years setting it up for rental, purchased it with the intent to rent. Not saying I did everything perfect, but even with the 15 year I will be cash flowing close to $400 per month. My long term goal is equity, using leverage as I see necessary, but equity is my niche. I want to own free and clear homes, so my goal is actually to pay off that first house in 7-8 years.

I meant Fannie, phone auto correct. Not Family

Correct me if I'm wrong, but the only 95% LTV Loans out there backed by family are on Homepath type homes (REO)?

If my wife shows up on the county record as an owner, which I don't know if that will happen yet, because I am closing next week (will have to wait and see) Does that mean she is not eligible for this loan?

Hey everyone,

I've got a question about Fannie Mae's new 97% LTV loan for first time homebuyers. I currently own a home in which I just refi'd out of a FHA loan to a 15 year conventional. I'm looking to purchase my first rental home, or move to a new Primary and rent out my current home.

Because of the growing prices in my neighborhood, I'm leaning more towards purchasing a new primary, with the growing family and all, I feel it is the best first move, as in the end I will have my first rental home.

I know that to qualify for this loan at least one of the applicants needs to be a first time homebuyer. I purchased my first home before my wife and I got married, and I was the primary buyer. But now that we are married, and I am refinancing, The state of Michigan requires a non-borrowing spouse to sign paperwork and be listed as a co-owner of the home. Does this constitute as her being a homeowner? Or is she still considered a first time homebuyer because she is not a borrower?

I like the idea of only putting 3% down for a new primary, as that will leave me in a better position to purchase another investment property more quickly.

Thanks!

Moving this question over to Financing advice, seems like a better fit!

@Mark F. 

Thanks for the reply. I agree, just trying to save every penny I can to get into my next Principal residence so that I can jump right into rentals, but yes 2% is not bad.

How do you feel about FHA? Since I am getting rid of my first FHA, I should be eligible for a new one I would think. Especially now with the lower PMI and initial fees.

That's what I did, although 5 years ago when I purchased my home at 22, I didn't have a whole lot of cash saved up, so that was my reasoning for FHA. It worked out well for me, I just refi'd to a 15 year, so no more PMI and higher rate. BUT, my area has increased greatly since 2010 when I purchased the home, and the equity is there.

I am in the same boat right now, I just asked a question about Fannie Mae's 97% LTV loan that was announced back in December. Supposedly there are lower PMI % for this type of loan, plus 0.5% less to put down on the home, and no fees upfront. I like this better, only stipulation is at least 1 borrower has to be a first time home buyer. However, I hear this morning Obama has decreased the PMI and the upfront fees on FHA to compete with Fannie's new 97% loan. I'll be scouring the forums for more info on these loans in the coming days.

Good Luck!

Hey everyone, 

I've got a question about Fannie Mae's new 97% LTV loan for first time homebuyers. I currently own a home in which I just refi'd out of a FHA loan to a 15 year conventional. I'm looking to purchase my first rental home, or move to a new Primary and rent out my current home.

Because of the growing prices in my neighborhood, I'm leaning more towards purchasing a new primary, with the growing family and all, I feel it is the best first move, as in the end I will have my first rental home.

I know that to qualify for this loan at least one of the applicants needs to be a first time homebuyer. I purchased my first home before my wife and I got married, and I was the primary buyer. But now that we are married, and I am refinancing, The state of Michigan requires a non-borrowing spouse to sign paperwork and be listed as a co-owner of the home. Does this constitute as her being a homeowner? Or is she still considered a first time homebuyer because she is not a borrower?

I like the idea of only putting 3% down for a new primary, as that will leave me in a better position to purchase another investment property more quickly.

Thanks!