All Forum Posts by: Gary Houck

@Rick S. thanks for the quick response. That was the answer I was looking for. I like what i hear. I will be signing up a property for next month. Thanks for the good service.

how does the late payment work on erentpayment? I get that it added it automatically. But can they pay just the rent payment and not the late fee? Their website says it is a separate transaction. I'm wanting the late fee to be added automatically and reject any payments from the tenant that do not include the late fees. Does erentpayment do that?

@Albert Bui 

Wells Fargo seems to be asking for much more than that for a streamline:

Dear Gary,

Thank you for choosing Wells Fargo Home Mortgage to fit your renovation financing needs. In order to get you the most accurate pre-approval, and to get your loan closed as quickly as possible, we ask that you submit the documentation listed on the Renovation Financing Checklist.

• 2012-2013 W-2s for all borrowers on the loan.

• 2012-2013 Federal Tax Returns(1040’s) for all borrower’s on the loan. Please make sure the returns are signed. If you e-filed, please be sure to include the signed 8879 form.(IRS E-file Signature Authorization)

• Most recent pay stub covering 30 days for all borrowers on the loan.

(We must have a full 30 days, so if you are paid bi-weekly, please include 3 paystubs)

• Most recent bank statement(s), all pages, covering 60 days for accounts disclosed on application.

• Sign and return credit consent form. (Borrower's Certification/Verification Authorization/Financial Privacy Notice)

• Please include your current Home Owner’s Insurance and Property Tax information. (Refinances Only)

• Contractor to complete and return itemized bid break down. (Refinances Only, not required for purchase pre-approvals)

• Please see the attached Sample Bid. Your contractor should use a similar format which contains, your name(s), the contractor’s name, property address, date, and breaks down the labor and material.

This may seem like a lot of documentation, but it is required by our underwriters to move forward. Please let us know if you have any questions or concerns.

Once we have the supporting documentation, we will be able to start the application process, and get you on you started on the path of Renovation Financing.

Thank you!

Eric,

Did you get at 203k streamline, or the full 203k? If you got a streamline, would you go through the steps required?

what did you end up doing? were you able to secure the FHA loan? I'm in the same situation.

yes I will be living in the 4 plex, and I plan on renting out the house.

I have found a 4 plex that I want to buy using a FHA 203k streamline. I talked to a local bank loan officer today, and he brought up a problem. He said that because I already owned a property I would have to write a "letter of explanation". He indicated that it might be hard for me to get the loan, because the underwriter would have trouble believing that I wanted to actually live in a 4 plex. Anybody been through this? Recommendations on the letter, or should I try other banks?

I do know that the cost of the FHA is more.

I'm looking to buy a mixed use property. 1500 sqft residential and 1500 commercial.The owner is willing to finance. Details  of down payment and terms of financing have yet to be firmed up. I have already meet with a real estate attorney and got his input. The purchase price is 125k. Any ideas on what the terms of the financing should be. I know they can be pretty much whatever the seller and I agree on. The attorney showed me a owner financing deal he did for himself last year. Just putting this out there to see opinions. 

Anyone know a good drywall guy in lexington ?

I'm in.