All Forum Posts by: David Qian

Hi Carlos,

Thanks very much for the response. I'm using an FHA because it's an assumption loan and I'm getting a very favorable rate so I thought this would be better than using a conventional loan which at the current rate environment would be more than double the rate on the assumption.

My main question is while I do have the income through the investment properties does the FHA underwriter need to see the details of each properties including the leases of each of all the units. It will be hundreds of pages of documents since we have many tenants. I'm wondering if anyone has gone through this dilemma or have experience dealing with FHA underwriters/loan officers on this front. We have enough income but how much discretion does an FHA underwriter have? If there is any tips on making things easier (in terms of not having the submit all that paperwork) that would be appreciated. For example if you can show more assets than the actual loan does that help you get qualified etc.

Hi guys, first post here: 

Has anyone had any experience with obtaining an FHA Loan for their primary residence as a full time real estate professional? More specifically if you own multiple investment properties and they show up on your Schedule E do you need to provide detailed information on each of the properties/including lease agreements etc? - I'm a full time real estate investor with a few dozen multifamily properties with multiple units each so there are over a hundred tenants. I have never gotten a residential loan before, all the mortgages I currently have on the multifamily properties are commercial loans.

Going through the FHA process has been a headache for me because the underwriter is asking for a lot of information for each of the properties including the signed lease agreements for all tenants. There are hundreds of pages of leases as we have over a hundred tenants. I'm going through the FHA process because this is a loan assumption and able to get a very favorable rate.

I'm wondering if anyone has gone through this process being a pure real estate investor (no W2 or other income) and how they would handle this situation. Is there a better way then compiling so much information? Additionally I've been reading there are compensating factors for FHA loans, I'm wondering if I can show more liquid assets (already putting 20% down for this purchase) so I could get a faster approval without all the other detailed information such as leases.

Thank you in advance,

~David