All Forum Posts by: Jeff Shumway

Yes, Conventional loans have a 6 month seasoning requirement. This is a rule from Fannie Mae so no lender will be able to circumvent around that rule. Every single Conventional loan/lender will have that requirement. 

It definitely sounds like they do not know it is an investment multi. I would be very wary of the lenders who send you spam mail. It sounds like they have provided you with a lot of false promises so far. 

Hey Tanner, it sounds like your options are to either purchase the triplex for 25% down or refinance your FHA loan into a conventional loan. If you want to move on the triplex soon, you should start the refinance process for the condo ASAP. An investment property condo refinance has a max LTV of 75%. If you are not already at 75% LTV, you'll need to bring funds to close to reduce the principal down to 75% LTV. Then you can purchase the triplex FHA once your condo is under a conventional loan.

Hey Patrick, congrats on getting so many units under your belt so quickly. Couple things to keep in mind on moving forward- what do you want to buy next? Another long term rental? A single family? A multi family? What price point? Perhaps venture into commercial? 

If you buy a single family home, you can get in for 15% down. True, the 20% down removes the PMI and has better rates, but 15% can be done. If you're looking to buy a 2-4 unit, you're probably looking 20-25% down. And Dustin is right, if your previous property has appreciated in value, it is probably a good time to take cash out of the property to reinvest into the next property. If you want to wait until next year you can, but with rates being low now, it's might be worth looking into.

We always look at gross income to qualify. However, if your debt to income ratio is too high, we can always look an no income loans for investment properties. 

What are you trying to calculate? So long as you have the correct loan amount, taxes, insurance, and interest rate plugged in there will be no difference as whether it is a residential or commercial calculator. 

You will need to be on title for 6 months before you will get approved to refinance on the property. Also I'm not sure what kind of loan this is, but Conventional loans do not allow for 80% LTV cash out on an investment 4plex. It is 70% LTV.

You must be on title for at least 6 months before you can refinance. That is a hard and fast rule for Conventional loans so you will not find a Conventional lender who does not require the 6 months seasoning. Your refinance will not get approved. 

Hi Trevor, what is it specifically about the financing you need? Are you looking for lower rates or longer terms? Or no balloon payment?

Hi Christopher, how much do you think the property is worth and how much do you owe on it? Usually investment property cash out refinances will allow you to take out a loan up to 70-75% of the value of the home. 

Hi Jacob, what issues are you running into with finding a lender?