All Forum Posts by: John Burke

I'm out of debt, don't really plan on using my card much except for emergencies but the recovering spendthrift and the riskier investor sides of me - are curious if I should call the company back and ask for them to raise it back as it might affect my credit score. 

Currently my credit score is in the 800's - any thoughts? 

My goal is to find competitive rates and fees. I've noticed that going to brokers usually leads to the same wholesalers so it's not as useful. The only other good lenders I've seen are credit unions and regional/local banks. However, they all require separate applications to even get an estimate. Is there a better way to shop around than this? What do you normally look for in choosing a lender?

Today I reached out to 3 different lenders in Northern Idaho about FHA loans for small multifamily properties (2-4 units).

Each lender gave me a different answer about the terms of the loan such as required down payments, max loan amounts, and a few other things.

Was hoping to find a lender that has experience working with FHA loans in multifamily, ideally in Norther Idaho (Coeur D'Alene). Does anyone have any names that come to mind? Thanks for any help'

 Well thats what im trying to find out.. The property that I purchased its going to be my primary resident for a few years.. Would that be a refi or a second mortage ?

HI Emmanuel,

You can always start off on house hacking a multifamily in MI 1-4 units with min 5% down or 3.5% down for FHA. This will allow you to acquire more rental units and also being able to use the vacated unit rents at 75% to help your debt to income ratio DTI.
There is a FHA 100 mile rule if you do plan on using FHA on your 2nd house hack. The fha 100 mile rule will be triggered whenever you try to vacate your current primary and also trying to use the rental income to qualify.

However, this 100 mile rule can be exempted for the following rules

1. Relocation
2. Increase in family size
3. Vacating a joint owned property
4. Non-occupying co-borrower

If you are not trying to use FHA on your 2nd house hack, you can use conventional and the rules that I mentioned above will not be a concern and will be exempted.

@Carlos Valencia @Albert Bui

Hello, I am looking for a lender who offers VA Renovation Loan. I need to update my master bathroom. Currently, I have a VA loan on home already. I bought property in Jan 2023 for 425k, put 20% down, and have done other improvement projects on it since. I doubt it won't appraise for less than 490k now. Please respond with your contact info and I'll reach out.

Thanks

Kyle

@John Burke

Thank you. My absolute max is 230k but would like to aime for 210k

I have 2 cars that we are trying to exclude the payment from for dti ratios.

One was owned at $852 monthly payment (this was refinanced to remove borrower from the loan)

this one is giving me a problem because they are asking for payoff but honda is saying they take up to 10 days to be able to send it.

Any guidance on a way to get this closed sooner would be great, seller is on a tight timeline.

Second one is a lease that we have had approval to terminate (for $2600 fee) and then that one would be excluded.

I was wondering if there are any limitations to getting a 2nd FHA loan as far as what value the 2nd house is compared to the first one. In other words whether it is considered an upgrade or downgrade. I am in the process of learning and plan to use house hacking as my investing strategy for the first few properties. I know that I would have to refinance out of the first FHA loan in order to qualify for another FHA because you can't have two at a time. Let's say that my first house hack using FHA loan was bought for 220k and then once it is refinanced into conventional, I try for another FHA but this time it is a 175K property. Would this raise any flags? Thank you for any feedback!