All Forum Posts by: David Kelly

With conventional lending (Fannie/Freddie), there is a 6 months seasoning time for a cash out unless you paid cash for the property.  If you paid cash there is a delayed financing exception that would allow you to do a cash out refinance transaction before the 6 months waiting period.   

6 months seasoning for a rate/term refinance.  Meaning if you currently have a mortgage on the property then you will need to wait 6 months to lower your rate or change your term.  Some lenders will want to wait to start the process once that 6 months has been met.  Others will start a month or two before and once the 6 months is hit you will be able to close.  Get in touch if you have any other questions!

Depending on how it shows on title – looks like it is zoned multi-unit already. Is there 2 separate parcel numbers? Do they only have 1 mortgage on the 2 homes? Do they claim rental income on their taxes on the other unit? How was the newly built property paid for? Did they take out a mortgage/line of credit, if so – do they meet the 6 month seasoning requirement?

Not all lenders are taking long.  There's plenty of us out there that are a fast turn around in this market.  30 day locks are usually met in most cases unless something unknown comes up in underwriting.  Conditional approvals are currently at 4 days.  

Hi Tyler, 

There is a simple process to refinance a property that is under your LLC and still get conventional financing. We would use what is called a quitclaim deed which would transfer that property into your personal name, and then back again after closing if you choose to do so. This will allow the low conventional rates. Feel free to reach out with any other questions regarding this process as I have done several of them lately.

When did you leave your job?  Do you have any capital gains on your previous two years tax returns?  There are also some loans available to people with high net worth based on that alone, but I personally have not done one yet.  

There are two options for you to be on a VA loan:

1. Be married to the other party that is a veteran themselves

2. Be a veteran yourself

VA loans are generally for only the veteran, veteran and spouse together or the surviving spouse of a veteran under certain circumstances.

Is this for a Primary residence or a investment?  What would the loan amount be?

Rates are down on all loan types currently.  Are you asking because you are currently floating a rate?  If this is the case, then you are just gambling at this point.  No one knows where the rates will head, its like the stock market.  I watch the Ten year treasury to see where the day might be on rates, but beyond that there is no way to tell unless the Feds have words to say.  Generally there is a low rate market here and if you are OK with what they are currently at for payment, then I say lock.  

Typical for my clients, we lock with 30 days and rarely have to extend the rate!  Yes, there are many lenders out there that are 45-60 days.  This is not the case with all of them.  It really does come down to the loan officers processor.  I have found that having a "team" mentality with my processor has significantly expedited the process and problem solving.  Loan officers are only limited to what they know, but if you can get a whole team working with you that all want a fast closing, it completely changes the game.

@Patrick Orah

The Lender should have done a better job upfront, there is no denying that. I was just trying to point out a few things that may be able to still save the deal that they possibly overlooked. It might be worth a shot asking them.  find out what your DTI percentage is. I don't mind taking a look at it this week if you want a second opinion.