All Forum Posts by: Jennifer Kay

it is a portfolio conventional loan held by the credit union and not repackaged/sold. It does conform to federal mortgage standards, however, it is not backed to my knowledge by the government.

You could say something to them like "you can go M2M with no increase as long as you are out by September 1; after that, the rent will increase by X% or you can sign a new lease."

The lender I used for 203k said they close the most 203k loans up and down the Eastern seaboard. They rescued my loan when my previous lender was flailing around doing weird things and wasting time. Make sure they understand the loan product.

I used a 203k limited loan on my first property (fourplex house hack). Make sure you get the draw checks made out to you and disburse them to the contractor only when they meet their milestones. My contractor turned out to be a scam artist and I am certain he is singlehandedly responsible for about 50% of the gray hairs on my head.

I see you are in CT. So am I. I am closing on my second multi in 2 weeks using Charter Oak. They allow as little as 5% down for owner occupied up to fourplex, and it does not need to be your first property, but they only finance properties in CT and RI.