All Forum Posts by: Elias Halvorson

Dan, 

It’s still early, I’m sure you’ll have 50 people reach out on here. I’d recommend getting 4 quotes minimum, tell all the lenders you’re shopping, etc. get at least 2 quotes from mortgage brokers, and at least two from a local bank. I would recommend getting quotes from mortgage brokers in your local area, vice some chump who is in xxx state but licensed in CA. Also, after you choose your lender, pay attention to mortgage rates daily, if they fall further, the bank should have a good rate float down/renegotiation policy - if not, tell them you will move to another bank and lock with someone else. Does that make sense? Feel free to DM me if you want any further clarification. I’m not licensed in CA but these are some things that can save you some $$

Chas, 

The best option you have is that VA loan - the difference is SO massive between a DSCR or investment purchase and the VA option. Offutt was my first base - lived at 16th & Farnam in the Old Market. Nice people but glad Im not in Nebraska any longer! lol

 Hi Kevin, 

I would look into both. Local banks/credit unions typically offer the best HELOC rates, but few of them offer investment HELOCs. A DSCR Cashout refi would get you the cash you want but you will pay points, have a 1-5 year pre-payment penalty, etc.

 No chance this is a legit offer Dennis. You have a right to be wary. Currently, the market rates are much higher than that. If you want to do people a favor you can get their offer(s) in writing and then when they try some bait and switch on you - report them to the state and national licensing boards. Companies like this make our whole industry look like used car dealers. It's disgusting. 

 Michael, 

Every bank has different rules. There is no set timeframe. Check with a few local credit unions as they usually have the best HELOC offerings. However, if you need more flexible terms then look for a local mortgage broker who has access to a lot of companies offering HELOCs with most having more flexible terms than local credit unions.

Happy Thanksgiving Rick, 

Go the conventional route. You're not buying a multi-unit, no need for FHA and the permanent MI which comes with it. Definitely recommend the seller financed buydown as if you refinance whatever the remaining balance from the buydown is can be used to pay down the principal balance of your loan.

Cheers, 

Elias

Not always true, however typically HELOCs will go to a max loan to value ratio of 85, sometimes 90%. Meaning, if you only put 5-10% down, then it will be tough to even get a HELOC. There might be Some exceptions such as you did a bunch of repairs/improvements which increased the value of your home .

Aloha Hunter, many lenders have physician’s loans but I’ve heard it’s tough to beat bank of America’s physician’s program. Definitely check with them. 

Hi Qwee, 

I specialize in VA loans and am always happy help fellow veterans (not licensed in MN though). You can google VA lender's handbook. What you will be looking in is chapter 4, credit underwriting.

"If the borrower(s) provides written evidence that the student loan debt will be deferred at least 12 months beyond the date of closing, a monthly payment does not need to be considered. If a student loan is in repayment, or scheduled to begin within 12 months from the date of VA loan closing, the lender must consider the anticipated monthly obligation in the loan analysis and utilize the payment established by calculating each loan at a rate of five percent of the outstanding balance divided by 12 months. Example: A borrower has a $25,000 student loan balance and you multiple it by 5%, which equals $1,250. This amount ($1,250) is divided by 12 months to equal a monthly payment of $104.17.

If the payment(s) reported on the credit report for each student loan(s) is greater than the threshold payment calculation above in a above, the lender must use the payment recorded on the credit report. If the payment(s) reported on the credit report is less than the threshold payment calculation above, in order to count the lower payment, the loan file must contain a statement from the student loan servicer that reflects the actual loan terms and payment information for each student loan(s). The statement(s) must be dated within 60 days of VA loan closing, and may be an electronic copy from the student loan servicer's website or a printed statement provided by the student loan servicer. It is the lender's discretion as to whether the credit report should be supplemented with this information.

Hope this helps. DM me if you have any other questions, etc. You likely already know, but you need to pull your COE and calculate how much entitlement you have left. And whatever $ amount you go over your remaining entitlement, you will need to pay 25% down payment. For instance, you have $250K in remaining entitlement, but that house you are buying is $450K. You would need to pay 25% of your $200K overage as a down payment ($50K), and you would get a loan for the remaining 400K. 

V/r,

Elias 

If the rates and points are the same, Id likely take the 150k extra cash.