All Forum Posts by: Dave Skow

Matt - thanks for the post

I would recommend getting an owner occupied purchase loan for the new property you plan to buy ...this will allow you to get best rates available

I would also recommend doing a  " cash out " refinance on the  free and clear rental  in order to obtain  a larger amount of  cash / working capital  for your  projected  plans  ......ideally a heloc  program would be best to set up but most lenders / banks wont  allow a heloc on a rental  property so you would likely need to  use a straight 30 yr fixed loan ..adjust the loan amt  so that the  cash flow you end up with is acceptable for you

Tim - contact present lender on the primary home mortgage to find out what the procedure / options are for eliminating the mortgage insurance ....just paying down the balance MAY NOT do the trick....... also ask them if you can pay for and provide an appraisal to get the PMI eliminated ......lastly depending on the rate and program you have on the primary home - you may not want to refinance this loan if you don't have to ....... summary - if you can eliminate the PMI for free or for the cost of a new appraisal - then you can do whatever you want with the funds you have to use

Dave Skow

Eagle Home Motgage MLO WA 278613

welcome

fyi - your ltv ( loan to value ) on  co owned property is  presently at 72%  ...loan to value is  your existing loan balance /  value of  property ...so  250k/ 350K  =  71.4% 

there are some HELOC / 2nd mortgage programs and lenders that are allowing a combined loan to value ( cltv) of 95% still ....so you might have this option for part or all of the funds you need ... otherwise the Idea from Ellis is a good one ( except the liability your partner has for the current loan remains in place ...if this is an issue - you might need to do a straight refinance to remove him from the loan and title )

what is you present  loan amt /  value situation like for your primary residence ?

Devyn - thanks for the post ...you will need employment / income / down payment in order to obtain the FHA loan you mention ......or a willing and strong co borrower

Marty - thanks for joining and for the post/ question .......locating anything for < 200K in the king/ snoh / pierce region will be tough to locate ...broaden your search tools ...maybe locate a partner / agent that is well connected to REO opportunites ......if you will need to use financing to acquire whatever you locate - make sure you have your loan pre approval formally in place

if the property  can  cash flow on its own and  assuming you  don't have any other debt..there is a possibility that this might be  possible

DJ - what is the   possible  price for the property you are  considering ?    what is the amount of your car payment ?   definitely  get into a pre approved position  so that 1) you can be assured of what you can  qualify for and  2)  be prepared to make a solid offer on any property that  becomes  available

Devyn ....in order to qualify for a FHA loan ( or any loan ) ...you will need to be able to qualify for the loan ...do you presently have any employment / income that would be usable for qualifying purposes ?