All Forum Posts by: Jesse Rivera

Agreed. Under 3% is a good rate right now. No points or extra fees added on.

Fannie and Freddie have a couple new refinance programs for low income borrowers, the DTI can go up to 65%. There are some stipulations, but worth a look.

Hi Mel,

My company is based in San Diego, I'm in Long Beach. I'm an active investor myself, so speak the language. I am a mortgage broker that works with over 50 lenders, and many of them have great investor product. I keep my compensation reasonable, so my rates are hard to beat. And we get volume discounts with some of our lenders as well. Also, i have great hair.

My experience in investing and emphasis on education allows me to set a comfort level with your clients, so that they are more confident in their choices and mitigates some of the "buyers remorse."

Happy to help.

It depends. Hard money is expensive. And if you have delays in your project and cannot refinance as expected, it will QUICKLY eat your profits. Double the time period of your project, and add 30% to the bid your contractor gave you. If you can still make a profit, I would pull the trigger.

Something is wrong here. You should have received an revised loan estimate when you locked. Mine come directly from the lender, so are correct (because I am a mortgage broker, not a direct lender). But some companies do it themselves, and I guess have the ability to make mistakes or do bad things.

I would fight this. Threaten to turn them over to the state and the nmls. This is a bid deal. 

And loan depot is being sued right now for lying about loan. Allegedly, they approved loans that should have been denied, to pad their numbers for their IPO. Is it true? Time will tell.

You should be ok, but they will ask you why. If you have a good reason (need a bigger house, closer to work, etc) you will be ok. They will ask for a letter of explanation (LOE as we call it, some weirdos call is an LOX, lol).

You can refi the next day, if all you're doing is paying off the old loan. If you want cash out, 6 months.

**Rolls sleeves up***

For conventional conforming loans:

• A lender will not use income for a job that you are not at anymore. To use income there has to be a 2 year history (for bonuses and OT as well) and assurances that the income will continue in the future. Why would they use income that you don't have anymore?
• You're big problem is that because you are self-employed (yes, even if you own an LLC and pay yourself W2), we need to either average the last 2 years income on your tax returns OR if you had a big drop of income for 2020, use that income alone. If Covid messed up your income in 2020, you will be in trouble.
• Should be able to use the income from your LLC, even if you did not do distributions for all of it. Just need to jump through more hoops and prove that your expenses don't eat all of that income.

Hope that helps.

Just finished 2 refinances with private loans. Neither of the lenders (not companies, private individuals) had the original note nor Deed of Trust (CA is a deed of trust state). So we had to jump through extra hoops to get it done. The icing of the cake is one of the lenders lives in Holland and the Embassy was not open (for Notary). More hoops to jump through.

Long story short, refinancing from a private lender is not a big deal, if they have the paperwork needed. You should be fine.

Can you be more specific?

What is your job? How do you get paid? How often do you get paid? How long have you been at this job?

Non traditional income is not a deal breaker. Lender needs to know that the job and income is stable, even if averaged over the year. I did a loan for a woman that owned a Christmas tree lot, she made all her money in Nov and Dec, and didn't work the rest of the year. We averaged out her income over 12 months and we got it done.