All Forum Posts by: Jeff Dulla

@Matt Shields @Chris Mason Heard that was happening as well as Redfin, Amazon, etc. Those should probably intimidating names for us all but after almost eleven years of doing this, I feel good about a couple of things. First this business is still more complicated than it was before the crash. Anyone who has faced the many GFE changes, compliance waiting dates, LE/CD change over, and more, already knows that it won’t be that easy for these giant companies to master this business. The second is that we are a long way off an automated model actually doing the same job as a high level LO. And ultimately a company is only as good as the LOs they hire.

Chris Mason has been on here giving solid advice people enjoy. My guess is he will continue far into the future. There are already giant companies (one in my own backyard), discounting rates to gain high volume, cheapening the service. Zillow isn’t going to stop the good LOs from prospering.

@Matthew John that is not correct. That may be radian’s guides and they are a mortgage insurance company. Here is Freddie:

@Matthew John home ready - Fannie. Home possible - Freddie. There are some different rules with each.

I slightly disagree on staying the course. Your loan originator at Huntington either A - clearly has no idea what they are talking about or B - purposely deceived you to get you in the process. And you will reward them by giving them this info and allow them to make a bunch of money off you?

A good lender can turn this around for you quickly and probably cover the cost of another appraisal for you. I would seek out another lender and at least talk. 

@Matthew John Looks like it would qualify for Home Possible, 5% down, no income limits. If you score is 740+, the numbers I put in the post above would apply. See below:

@Matthew John You could do Home Ready or Home Possible but it depends on a bunch of things. First and foremost, most areas have income limitation. Depending on exactly where the property is, probably around $70,000ish. Your property may qualify for no income limit and if you want, we can look up the address. 

As for minimum down payment, it would be 5%. At 5%, you would see something like 4.75% for a 30 Year Fixed rate, 36 bps in PMI.

My guess is that this lender did not properly vet out your income and the address to see if Home Ready or Home Possible was available. 

@Reno Law Here you go: https://angeloakms.com/investor-cash-flow-program/

At some point though common sense needs to come into play and an understanding of why 99.9% of the lenders out there would not give this person a loan. If some other expense comes up with the property, how is she going to pay for it? Outside of the piece of collateral, which who knows what condition it will be in after renters, what other security does the lender have in any of this? 

Seems like a dumb loan for a lender to do. 

@Steven Darrow Yes you often find that the non-warrantable condo products are ARM based only. What is the issue with the condo building deeming it non-warrantable? Are you buying as primary, second home or investment?

@Peter Padalino Would you be open to renting out your current primary? If so, how much could you rent it for? If you took that amount and depreciated it by 25%, would it cover the full nut for your current home? 

You may be able to wipe out that full payment. If your other rental properties at least break even on your tax returns, perhaps your wife could qualify for the new one on her own. Just an idea. Would be happy to work through the numbers with you if you would like. 

@Randy Dickerhoff There are further qualifications if you plan to use another FHA loan. If you are planning to refi out of the FHA loan now before you find the next property, that may help. Feel free to PM me. I didn't want to pirate the thread.

@Greg Neuman You should be able to go up to ten fairly easy. Maybe shoot me a PM so if this becomes too much back and forth but just to verify - you are just trying to refinance two separate investment property loans into new loans for each property? Or are you trying to get one blanket loan to pay both loans on both properties?