All Forum Posts by: Ryan Z.

Rick / Erentpayment / BP members:  Any updates on this?  I'm still out money..

I see some info regarding proceedings on the below site, but honestly cannot decipher it..

https://www.inforuptcy.com/filings/kywbke_327234-3...

Thanks,

Ryan

@Chris Seveney Thanks. Good point.. if i factor in the PMI's as an effective rate, I might be better off w/ a higher rate and no PMI's..

What would be an example of a portfolio lender?  Of note, 2 properties in Florida, one in NJ.

Thanks very much Kevin. The only thing is, I no longer live in the property with the FHA (the one with the most equity). I actually moved out of state for work.

I will dig into removing the MI on #2 however..

Any other ideas?

Hi BP!  I have a bit of pickle I've been thinking over and wanted to know if anyone out there could kindly offer some guidance..

I have 3 properties as detailed below..  My short-term debt has me feeling a bit uneasy.  Wondering what the best solution might be..

Prop 1: Bought 2011, FHA 3.5% w/ PMI; MV ~185k; Loan Bal 92k; HELOC 36k @ 5% floating off Prime (drawn to pay for down pmt on other property); Rental (performing)

Prop 2: Bought 2014, FNCL 3.875% w/ PMI; MV ~ 260k; Loan Bal 173k; Rental (performing)

Prop 3: Bought 2018, FNCL 4.625% w/ PMI; MV ~440k; Loan Bal 356k; Owner Occ / Primary - Saving the detail, to get the deal I had to put up more down payment than I would have liked to... So I borrowed from my HELOC above^; and 17k from a short-term line I have at 3.99% thats due to expire next year (this I plan on paying in full before then)

I'm looking at my HELOC 36k @ 5%.. and based on a payment of 175/mo, it looks like I'll be paying for 39 years.

I know rates are now a good bit higher, but I'm wondering is a Cash-out refi my best play as of now? Of note, the 5% HELOC is floating off Prime and only going higher. And, I'm aware that the more I can put towards principal now the less interest I will pay, but I really cant swing too much more in monthly payments. Also, perhaps I can rid PMI and Cash-out to refi short term debt at the same time?

Any thoughts / advice?  Thanks as always.. BP has been a tremendous help.

Ryan

Learning quite a bit here...  Who is a very good lender in NJ?  Please no direct reach-outs, I'd prefer a solid referral.

@Harjeet Bhatti Gotcha.. Thx very much..

Thanks all.  I appreciate the guidance.

@Harjeet Bhatti Thank you. I was informed that the rate difference on the 10% portion would be more costly than MI on an FHA w/ 10% down.. Thoughts?

 Oh interesting..  Honestly, I thought those were the normal programs, as those were the ones my mtge originator kept mentioning..  I'm going to dig on that a little..  Thx

Here is what I've determined from my readings.. (Income approx 130k)

I can qualify for Freddie due to 'high cost area' designation, but I cannot have ownership interest in other properties.  

While FNMA shows me the avg med income for the address is 89k.. It appears they do not classify the same area as a 'high cost area', so I disqualify based on my income being greater than avg med income.

I'm certainly not an expert here though...    Please let me know your thoughts

@Jeff Dulla Thanks a lot Jeff. 

Freddie:  Based on what I determined from the census tract lookup and program guidelines, the property is located in a 'high cost area', so my income does fall below the upper threshold.  However, I read the following in the FAQ and am having difficulty understanding..  Any idea?

"Can a borrower qualify for a Home Possible mortgage if they own another property?

Yes, the borrower may have ownership interest in another residential property if they do not occupy the property, and the Seller documents that the borrower meets at least one of the following conditions:

• They inherited an ownership interest in the property and share ownership with another party.
• They own the property with another person who has been assigned the debt associated with the property by a court order, such as a divorce decree.
• They are a cosigner or guarantor on a mortgage, and someone other than the borrower has made payments on that mortgage for at least the most recent 12 months."

For Fannie - yes, it is possible your DTI is too high but that would mean the opposite of what you said for Fannie above (the lender said your income was too high).

They informed me my income was too high for Freddie (which looks like it isn't the case).  For Fannie, they just said I couldn't have two FNMA mtge's at once.  However, if I meet the ratios, you think I should be able to get a second FNMA without putting 20% down right?