All Forum Posts by: Ed Wood

Need more information but here is a general answer. If you've reported these properties on your tax returns for the last 2 years you can use the income from the properties to qualify. Up to Jan 10 2014 to qualify you DTI can be up to 50% , after Jan 10 max DTI will be 43%.

You will also need 6 months PITI reserves for the subject property with a DTI less than 45% and from 45% to 50% you'll need 12 months subject property PITI reserves.

Probably not licensed and a scam? It would amaze me a broker risking their state and federal license for what could be only a few 1000 dollars. First I'd look them up on your states regulator website and also the NMLS (google "NMLS license lookup") If they don't show on those sites put a complaint into your district attorney.

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correct! All loans on 1-4 unit rental property are backed by Fannie/Freddie guidelines you will not find a lender who will fund a loan in your LLC, Partnership or Corp! There are alternative financing but you probably want the low 30 year fixed Fannie/Freddie backed rates I'm assuming?

What is commonly done is you pull the property out of the entity fund the loan then put the property back into the entity.

People will argue it will trigger the due on sale clause but I am unaware of any of that happening. Worse case is if it does trigger the due on sale clause is the give you something like 30 days notice and you just quit claim it back into your into your name.

TL;DR

just going off the subject line...

you can google it it's something like 30 days notice for a 1 year or less and 60 days notice for a year or more...

I've worked with note buying investors who have purchased non-performing notes from banks and he had a hard time with the borrowers. Some had attorneys etc. The investor was thinking it would be easy to buy the notes and just foreclose, some properties took over a year to foreclose.

Mimumum is 25% down you're beating your head against the wall looking for a lesser down payment.

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