All Forum Posts by: Account Closed

Hi Anita! Happy to answer any questions you have!

Does your brother have a steady income (2 year job history) and decent credit? It should not be a problem to refinance. Let me know if you have any questions!

@Arian Hoxha good to see you here buddy!

Awesome work @Kyle Stanley!

Awesome job @Account Closed!!

Hi @Joseph Matarazzo

You have two options for your next purchase on a multi.

If you go conventional, the down-payment will be 15% for a 2-unit and 25% for a 3-unit. If you go FHA, the down-payment would be 3.5%. You would have to occupy the property for 1 year and then can move out.

Hi @Reece Randall

Starting this year, the 5% down conventional option for a 2-unit is no longer available through Home Possible.

My recommendation is to purchase the home with an FHA loan with 3.5% down and then refinance once you have enough equity to a conventional loan. This will allow you to keep more $ in your pocket. You also won't have to wait to save up the 15% for a conventional loan. Please let me know if you have any questions!

I like Jeff Walsh of Long River Home Inspections.

If you own the place outright and the bank is afraid to do a cash-out, put a lien against the property and then pay off the lien (aka yourself) with a rate and term refinance.

If you look at the difference in your monthly payment between 3.5% down and 5% down, it is $32 per month at $500k purchase price. You would be better off taking that extra $7,500 and buying down the interest rate, keeping it as reserves or making capital improvements/rehab to the property after purchasing.