All Forum Posts by: Eudes De leon

How long do I have to leave in my house before it's considered my primary residence I'm thinking about moving back into my duplex so I can refinance it I say owner-occupied I bought this property 3 years ago I live in it for 2 years I haven't leave in there for one year now I'm thinking about going back but how long do I have to wait before I can refinance . The house is worth roughly 130 and I owed the bank 52 . if I refinance as a investment property the only going to give me 75% of the appraised value higher APR. If I refinance as a owner occupy they will give me 85 in most cases 100% of the appraised value added low APR. Anybody knows more or less how long do I need to wait before I can refinance

Chris mason thank you for the information I will try to see if I could get a FHA appraisal . The question is can I get a FHA loan on a property that is mix used . That is 4 units 3 residential and 1 commercial we're the commercial part is 49% less than the residential. That part is very clear to me that 51% of the property has to be residential. I'm asking because one lender told me the no I cannot he said the only way that I can get a FHA loan using this rule is if is a single dwelling with a commercial attached to it not if it is 4 units. Sorry for explaining it again I just want to make sure that everybody understand what I'm asking and I do appreciate the input and if I find out I will post it here

thank you guys for your input so that would lead me to another question where can I find a FHA appraiser that I could talk to

Thank you I will do that whenever I have a chance  but if anybody else ran into this and could get me some input I would appreciate it

I want to thank you on front BP community .I'm trying to purchase a mixed-use property using a FHA loan these are the details on the property the property has three Apartments and one commercial space which I believe is less than 49% of the residential part of the property.I was Told by one lender that yes I can buy this property because is less then 5 unit. Then I was told by another lender then no I cannot buy this property with a FHA because FHA guidelines are that I could only purchase a mix used property if it's at single dwelling with a commercial space attached to it that is less than 49% of the residential part other property. Looking on the internet and I don't seem to find any information about this the only thing that I seem to find is that he has to be less them fight units in the commercial part of the property has to be 49%.

Okay I need help trying to find a private lender .I  found at 2 unit house I offered the owner  $65,000 for it .the house is in decent condition . So no  repairs is necessary. This house appraised for somewhere around 80 to 90 thousand. I ask the bank for a loan but I'm afraid that do to my debt to income they might deny me the loan. I own two more houses one of them is at house  with 2 units that I owe 52000 and appraise for 130000. And the other one is a row home this one I took out a $40,000 heloc. and he appraised for $50000. I already went to the bank and try to get alone on the  house with the 2 units I wanted to get the equity from this house and buy the one that I'm looking at Cash although my credit is decent at 720. I was denied from the bank so now what I'm trying to do is to get a loan from a different bank as a owner occupy conventional loan putting $15,000 down. I have never use at hard lender . I guess this time will be my first time but I'm confused as to where to get one that's not going to rip me off and besides some of them they will not lend anything less than 50000. I'm still waiting on a response from the bank I already gave them all the paperwork they ask. I do not want to lose this deal that's why I want to start looking for a private lender in Pennsylvania. but I have no idea where to start what should I be looking for. Should I pay the points that some of them ask for. Or should I look for one that doesn't take points.

I got stuck on a deal like this I purchase a property it was a very good deal unfortunately because of my debt to income the bank will not lend to me to refinance . What I did was I explained  to a family member the hours of stuck on this deal  and I asked him  to lend me money  from his  line of credit I paid some of my dead  with that money . One month later I went to the bank again my debt to income was where the bank wanted to be a I got the refinance and I pay my cousin back . Maybe you could do the same with a family member or friend  or maybe a hard money lender and just get money to pay some of your debt down  wait a month into your credit  clears