All Forum Posts by: Hao Dinh

@Andrew Postell They will use conventional 20% down. but mann good to know gift fund can only come from blood relative.I had no idea.thank you thank you. They was going to get it from a friend . Let me make sure im understanding this right .

A buyers using conventional loan 20% down to buy their primary home. A friend or 2 friends will write him a check  or transfer to buyers account total of 50k ( is this even doable?). Can buyers use that money for down payment ? Of course after his bank verify where is the money come from etc. 

I definitely need to talk to his lender more about this situation . I dont think buyers ever talk to his lender about this gift situation.  

@Jennifer Ryan Thank you Jennifer , very helpful informations. I understand i said relative but can friend do the same ? or has to be family ?

Hello BP!!!

I have a buyers that run into a little problem with down payment . I just found out they will get a big portion of down payment as a gift from their relative ( 50k). I have a few questions i hope you guys can help me out here.

1.How do their relative gift the money to the buyer? ( Do they just go to the bank and fill out some gift letter ? ) 

2.How long is it going to take until buyers can use the money ? ( Does bank need donor's bank statements to verify ?)

3.I heard there is another way for donor to wire the gift at closing ? ( in case we need to close within a month or less ) 

For all the questions, Anything i need to know about IRS and gift ? I also heard donor have to pay for gift tax if more than 15k a year ? Correct me if im wrong. 

Thank you guys :) 

@Ryan Blake Thank you Ryan, I was thinking if the number is right then i could use hard money to buy a distress and close quicker than using FHA. But i guess i have to look into other options and see what best for my situation . Thanks again Ryan :)

@Andrew Postell Thanks Andrew for the tips. What about when you want to use HML to buy and refinance as your primary property ? Does that mean i have to wait more than 90 day to use FHA refinance ?

@Ryan Blake Thank you Ryan . I already have you in my contact list. Will give you a call when im ready. 

@Tarik Turner Thank you Tarik. I will do some more research about this. 

@Ryan Blake Can you explain a little bit more about seasoning period ? I guess its better if i go talk to an tradition mortgage company first and see if they can refinance it ? Is there any reason why mortgage company doesnt want to refinance it ? Thank you Ryan. 

Hi!,

Most of HML doesn't have prepayment penalty , does that mean i can refinance to a traditional loan after all repairs are done ? ( within few months or so) .

Would love to hear your opinions . Thank you so much 

Hi BP !!!

Do i need to call the city to get a permit to do a renovation ? Or if i have a contractor , do they take care of all that permits thing for me ? ( plumbing , Foundation or even drywall sheet rock , add another extra rooms etc.)  Just curious .

Thank you guys :) 

@Dylan Hargrove Hi Dylan, I saw you mentioned tax. I've always wonder how much tax should I estimate to subtract after a flip ? is 25% close enough ? Thank you