All Forum Posts by: Diana Muresan

@Dominic Frasca agree, if property will pass a conventional appraisal and repairs cosmetic, of course is easier to do it cash

@Daniel Martinez sounds like you only need minor repairs. You can do limited 203k FHA with 3.5% downpayment which limits the repairs at $30k but they don't require a HUD inspector, so cheaper costs or you can do a conventional FannieMae HomeStyle with 5% downpayment, here you will not have the upfront MI that's rolled into your loan.

@Daniel Alvarez you can only refinance it as owner occupied after you move back otherwise it will be investment. 

@Bradley Bismark most of the non-agency subprime lenders will close under an LLC. You just need to find a banker that would take a small loan and also a subprime deal.

@Carrie Smith all conventional lenders do all those loans you mentioned. 

@Bradley Bismark that’s not a conventional lender correct? What ins payment? $50k loans are tough, they are so tiny, most of the bankers won’t touch them so that leaves you with few options .... that’s the downside of small loans, no medium-top producers will take them, that leaves you with begginers or opportunists ... 

@Daniel Alvarez those rates are for owner occupied. So for a OO mine 15 y fix would be 3.875% with no points and INV at 4.625% no points. I don't understand though for a refi how do you get to choose if you want to do It as an OO or INV? The only time when you can refi your OO as INV is when you purchase an OO property and both those transactions are done at the same time

@Daniel Martinez why don’t you do a renovation loan? If you can’t pull it off as owner occupied, you can do it as investment with only 15% downpayment under FannieMae HomeStyle, you can also roll the mortgage payments into the loan during the repairs, you can build your closing costs under seller concession and you are free to sell after the reno 

@Ashley A Merk you can do a renovation loan on a 203k FHA with 3.5% downpayment or FannieMae HomeStyle with 5% downpayment and you can build your closing costs under seller concession, pending how big is the purchase price, as max seller concession is 6% on FHA and 3% on conventional. HML will cost you much more.

@Danny Uyematsu you can change how many jobs you want regardless off the pay structure as long as you are in the same industry. You can actually also change line of work if is considered an upgrade, moving up the ladder type of. 

I just had a nurse who had 11 employers in 2 years, my opener was not happy to do 11 VOEs (verification of employment) but it is what it is