All Forum Posts by: Cole A.

@Jim Workman Would you recommend your PM?

@Dana N. -- I'm not in the mortgage industry, but when I applied for a first time homebuyer loan, the lender used my credit report as the method for determining if I had previously purchased a home. I don't assume your LLC cash purchase shows up on your credit report, does it?

With record low interest rates and the new FHA mandate by Obama to lower mortgage insurance premiums, does anyone plan do a streamline refinance? I'm looking in to it and waiting to hear how it will affect monthly mortgage payment on an owner occupied duplex.

Has anyone had bad experiences with these?

@Shaun Weekes -- You can't get 5% down conventional loan on a multifamily such as duplex, right? What about a non owner occupied single family?

@Mark F. , do you know how long you need to have a new FHA loan before you can do the streamline refinance deal? I've googled it but I'm finding differing answers.

Your plan was to use the HELOC loan as a down payment, correct? Can you use that money (unsecured, hasn't been in savings for 6 months, etc.) as 100% of the down payment, or are there restrictions with how much has to be yours from savings?

@Michael H. -- I lived in Columbia for many years. I can't speak on their service, but Assured Property Management, LLC (APM) is one of the largest property management companies for small multifamily around Columbia.

It is also largely dependent on wether the seller is an individual or firm with a large portfolio...I wouldn't worry as much about the latter being offended.

@Shawn Mcenteer -- define cash out as there's currently no mortgage 

@Elizabeth Colegrove -- no, you can't get an FHA loan on a 5 plex, only owner occupied 1-4 unit. I'm also confident you won't find a 5% down conventional on multifamily...been there, tried that.

Although... if anyone does somehow find one, do share!