All Forum Posts by: Jason Little

Hey @Vinnie OBrien, and welcome.

I'm a local lender here based out of Westbury. Always happy to chat if you want to know about conventional financing options. There is a strong long island presence here on BP. take full advantage. 

It is basically impossible to get a conventional mortgage in the current lending environment without proof of income. 

Most loan programs don't even care if you have the cash to buy the property outright, if you cannot show proof of future expected income then traditional lenders are not viable. 

Finding a private lender who believes in you as an individual, the research you put in, and the plan you present to consistently create income through the property may be your best solution at this time. 

That is a dangerous proposition though, and I urge you to take the up most caution dealing with private lenders, research and double check everyone. 

I wish I could help you with conventional lending avenues, but unfortunately until you can document your income, your options are limited.

The house technically needs to be owner occupied in order to qualify for a FHA loan. So unless you intended to live in the duplex for at least one year, it would not qualify for an FHA insured loan. If you did occupy one half of the property for the required year term, FHA would allow you to finance 96.5% of the appraised value, so it would be a minimal down payment. Are you looking to house hack?

Repairs come into play if your looking at a 203k loan, which you can streamline if the repairs are 30k or lower. 

my good friend** Steve, I in no way, shape, or form have ownership over him..

Hi @Rich Becker , I work with Lynx Mortgage Bank here in Westbury. We are a local mortgage bank right around the corner. I personally work mostly with primary home purchases, but my Steve LoVerde is extremely experienced in that area of expertise here. I would be happy to arrange a meeting for you if you are interested. 

What county are you investing in upstate @Gil Pang ?

@Wade Alderson  

I am a lender in New York, and have never personally done one of these deals, but my understanding is that the terms of the 184 are not based on your credit, but on current market rates. This could be a major benefit to you if you have a weaker score, and could fast track you to getting a fair market rate. I believe it also offers a lower down payment option, but i would always suggest trying to put down as much as you reasonably can. 

The one thing I would worry about is that this plan was set up to increase home ownership, and I don't believe it is open to investment properties. It does cover 1-4 family as long as its owner occupied so it could be a great option for a house hack. 

Good luck and good health to you and your family.

Lakefront property could become extremely profitable if it is developed properly and within reasonable distance from a city. Whether as a one time sale as a 2nd home or a rental property. Wealthy families love to vaca on a lake. 

@Jordan B.

I agree that there is much more opportunity cash flow in the long island area with multi family properties. Especially if you are willing to house hack and live in a section of the home, which gives you significantly better rates as owner occupied. 

Like @Christopher Phillips noted, property taxes are high here, as are most prices. You're biggest investment in this process should be in the time you spend finding the right deal for you. There are some great deals to be had out there, but it will take time and effort. 

BP is a great place for advice and knowledge. Build a network of trusted professionals such as Chris and keep a hungry mentality! 

@Jared Crouch If you are still looking for a reliable and ethical MLO in the Austin area, i would recommend Ethan Papaserge with Royal United Mortgage. Fantastic professional who would be glad to assist you if you are still looking for help in these regards.