All Forum Posts by: David Kelly

If you are putting 3% down on your first home on a conventional loan, don't forget about closing costs that will be added in as well.  You wont be able to sell it shortly after and have enough equity to cash 20% for your next home.  Unless you buy cheap enough of course.  

Hi @Craig Raymond, 

I do have someone that might be able to help.  They work with high net worth clients bases solely on cash in the bank/investments.  If you would like, I can try to dig up that info.  Feel free to email me at my company directly, that would be the best way to stay in touch.

Thanks,

David

Everyone is correct, up to 4 units. Is there a reason you would like to go with an FHA loan?

Moises is correct.  The other partner would need to be qualified to take over that loan.

For those of you that have never refinanced, here are some of the benefits and how it works. I am bringing this up because the 10 year treasury is at an all time low - Today!  Refinancing to a lower rate allows you to lower your principle and interest on the loan - In turn, lowering your mortgage payment.  Another options is to do a cash out refinance.  If you have equity, you are able to refinance and get cash at closing (sometimes even lowering your payment at the same time!).  Its a great way to free up some good cash for your next investment.

     *The process doesn't require you to pay closing costs out of your pocket.

     *Sometimes you are allowed to skip up to 2 mortgage payments - Always 1 for sure.

     *You get an escrow balance refund about 30 days after closing

     *In some cases an appraisal is not needed!  This speeds up the process and lowers your costs.

     *This process can be done in as little as 2 weeks

If you haven't reached out to a lender to do a mortgage checkup, I highly recommend you do.  Typically a checkup will only take them about 15 minutes to complete.  Don't miss your opportunity!

@Pete Harper  There is no better time to refinance.  The rates market is at historical lows, today!  I have seen a flood of refinancing over the last couple weeks.  Don't miss your chance while it is here.  This can free up some serious cash flow ever month.

@Antonio Jaime

Yes, you can remove the mortgage insurance if you have 20% equity. There are also options to remove it earlier by doing a one time premium that can also be financed into the loan. I’ve done several this way. There are other options as well on a conventional loan with only 3% or 5% down. Mortgage insurance is still on the loan but I lay all the options out for my clients for what makes most sense. 

This is a good way to do it, I agree.  

As a lender, I see most are at $1000.

Conforming loan limit increases for standard and high balance loans announced by Fannie Mae and Freddie Mac.... In most areas, the 1-unit standard balance limit is increasing from $484,350 to $510,400 in 2020 and the 1-unit high balance limit is increasing from $726,525 to $765,600. Loan amounts vary by area and unit.