All Forum Posts by: Joe Cordeira

@Edisson Casseus Okay the you can definitely go 3.5% down for FHA standards.

@Zoisa Marsden Hi Zoisa, Didn’t you just say you have access to VA loan. You can finance 100% of the purchase price. You would just need to come up with the money of closing costs. Do you have a current primary home right now?

@Antonio Porta Hi Antonio, You may be in luck. July 29th 2018 Freddie Mac came out with a new product HomeOne. There are no income restrictions for first time homebuyers. This program is very new so not all lenders may have it. You could always go fha and refinance out of it as well to use the fha loan status on a new OO property.

@Peter Arboleda Hi Peter you can finance with the FHA 203k loan. There is a limited and standard. How much renovation costs are you looking for.

@Todd Tyler Yes there are programs out there for investments like I have that lend 85% on investment properties depending on credit score with no MI but interest rates will be higher. You could always refinance out of it and collect the tax benefits if you can handle the payments. Let me know if this helps!

@Curtis H. Not the worst and not the best. Seems like a fair deal

@Rochelle Gemuenden Hi Rochelle, Your right don’t be afraid to refinance out of that fha mortgage. Yeah you may get a higher interest rate conventional but you will reap the tax benefits from the mortgage interest. Use that 3.5 percent on the new purchase with the fha. You have an investor mindset.

@Rush Wall I don’t see it as a problem by the time 6 months hit with a direct lender like myself. How long is your bank looking for?

@Jonathan Colon Hi Jonathan it depends on much money money you have for down payment but you have a few options. You can go the hard money route, fha 203k rehab, or conventional home style. The rehab cost analysis will have to be seen by a contractor. Hope this helps! Let me know

@Edisson Casseus Hi Edison do you own a primary home now. If so FHA may be out of reach for you. FHA loans can be on primary homes only. There are ways to get around that. Wanted to make sure you do not get caught up in that pickle.