All Forum Posts by: Charles Mangum

Thanks David. No I don't need the income from my one property to qualify. It doesn't hurt it, but it would help by dti, but I still don't need it.

He is telling me that i won't qualify for the loan if I haven't been a RE investor for more than two years and can show that on your tax returns.

do you think it's plausible that that is an actual rule?

Mitch, i'm in the middle of applying for a homepath on an investment property now. I called three different lenders and they all say an investment property is 15% down on SFH for investors and if you have 4 or more financed properties you won't be eligible.

The lender contacted me last night as we are about a week into the underwriting process and told me that Fannie will only make these homepath loans to investors who can show 2 years of successful property management on their tax returns. I have just gotten into the game and at this point only have one property from last year. THerefore I still haven't filed my return but based on what he said I don't think it would matter.

My question to the BP world is, do you think this lender might be making this regulation up so that he can switch me over to a more profitable conventional loan? I sense that is what is going on b/c the idea that I simply can't believe is taht there is a rule that these loans only apply to investors who have been investing for 2 or more years.

Thanks for your help!

Do you have to wait until the house you purchase closes before you can put a for rent sign in the yard? Can you market the property on Craigslist with "Available (date after closing)".

Thanks,