All Forum Posts by: David Kelly

You would just need to do a quitclaim deed to get it into your personal name, and then back again at closing to the LLC. This will allow you to get conventional financing with good rates.

I can't speak for any other Lenders, but my outfit would not have any issues with this.  It would be the underwriter that just needs to document the 6 month seasoning before closing in order to stay within the terms of Fannie/Freddie guidelines.  All the lender is worried about is selling that loan after closing.  Don't forget to shop around!

Hello, 

What would the new position be?  Same industry?  How would you be paid?

There are many still doing them.  The bigger lenders are usually not the route to take anyways.  They have their positives and negatives, but with a smaller lender you can get more personalized one on one contact.  And usually much better rates/costs.  Where is the property located?

Fannie/Freddie guidelines require you to have PMI on a loan with less than 20% down. There may be an option outside of conventional lending that offers it, but that would be new to me. FHA requires 3.5% down, Conventional minimum down payment is 3% on a primary residence.

What issues are you having?  It would seem to me that there are plenty of banks/lenders that are willing to help out.  

I am going to have to say these are very high.  Depending on when they ran this for you, todays costs are much lower.  

@Michael Lown

Yes! You will do a quitclaim deed to your name and back again at closing. It’s a normal practice for the lenders that know. How much are you looking to cash out?

@Toby Liebergesell

There is a way to do a cash out refinance immediately after a cash purchase. There are a few things that need to be met. To get the best rates you will want conventional financing Fannie/Freddie.

1. It needs to be an arms length transaction

2. The cash out amount cannot be more than the purchase price plus closing costs.

3. Funds used to purchase need to be sourced

These are there first few that need to be pointed out. You'll want to reach out to run they the complete list of items. This also is limited to the normal cash out refinance LTV limits.

@Matthew Olson

There is also a way to refinance earlier by doing a one time premium for the MI during the refinance. This adds the premium into the loan.