All Forum Posts by: Jacky Fan

would HELOAN increase my DTI?

LTV is currently at 50%....My understanding I can refi up to 75%.

are you saying don't refi up to 75% if I don't need it?

Thanks for calcification on 1031 vs 2 out 5 rule.   Yes, I will benefit from 2 out 5 rule if I sell.  

I should net $1000 per month if I don't refi.  But I will have zero cash flow after I refi.  My current rental market is strong.  

Sounds like I should refi, keep it, and rent it out.  Hopefully, I should receive benefit of tax/appreciation/rent increase/refi at lower rate.  

Looking for advice on what I should do with my current home as I look for my next primary residence. I currently do not have enough down payment.

1. Sell the current house (current mortgage at 3%) and use the gain for down payment and 1031 exchange for the new home.
2. Keep the current house, cash-out refi at higher rate for cash, and convert to investment property (assume 0 cash flow per month).

What would be the best option? Thanks.

Agree, it maybe the appraiser.   This is the 2nd refi at the property and no issue the previous time.  I guess it raised a red flag when I told him to enter downstairs through the side door.  Anyways, lesson learned and I'm better prepared next time. 

Ok, thanks for the info and suggestion!   

I'm currently in a refinance road block.  I rent out my single family house to 2 tenants since it has a MIL setup.  However, the appraiser have a note that said zoning law prevent my home to be rented to multiple tenants/families.  Therefore, the lender underwriter team is hesitant to approve the loan.  I have no idea of such law.  Anyone encounter this situation before?  Any suggestion to move this loan forward?