All Forum Posts by: Joyce Jackson

@Kelly Kinne

I noticed you advised that you do lot loans. What is your turn around time?

Does anyone know a bank that will process a home equity loan or cash out refi in under 45 days?

I have an opportunity to purchase 10 high dry acres for $500,000.00 near my current home which is considered a more affluent and growing area. The deal is impressive to me even pre-covid. I may parcel off a few acres since they are worth much more when sold singularly however, the goal is to purchase the property for my primary home to be built on. I love the idea of having a little farm just outside the city!

@Kelly Kinne

I’m contracted on 10 acres in FL for 500000. I will be using it for my primary eventually building a home on it. I currently own five homes. Can you do a lot loan in FL? What is your tat? And what % down? Right now I’m working w midflorida 25% down 20 year contingency.

Started collecting quotes a few months ago... had some difficulty navigating to cash out Refis on investments products. Consistently was advised it was allowed until narrowed it down to two lenders. In the last two weeks I went from high twos on this to high 3s and a refi no cash out on primary at 3% as long as the home appraises with 30% equity. Does anyone believe rates will drop again? What are your thoughts on what is going on with the lending market?

@Zack Karp- literally I was going to cash out on my primary at 2.875 then the elections occurred and the cash rate rocketed to 3.5 . Since I have 30% equity without cash out he was able to get me back down to 2.875 but I am keeping my ear on the pulse in case then float down again. I am really hoping to lock around 2.5. My home is around 700k so the leap from 2.875 to 3.5 was significant payment increase.

@Orlando Ortiz

I’m not an L.O however I’m an agent/ Investor

I was just quoted a conv fixed 30 year 2.875 with ambition on reaching a 2.5 before locking. Hope this helps

@Orlando Ortiz

I’m not a LO however, I’m an agent/investor my primary refi was just quoted a 2.875 with ambition of locking at. 2.5 fixed 30yr

@Kyle J.

I agree- we want to have the most diverse yet stable platform of tenants possible and section 8 -we’ve determined must be included in that however, there’s no need to take the risk that you mentioned. As I stated there is a housing shortage in Fl and I’m sure we can find quality tenants that qualify for our size homes. I’m concerned about the number of people that must live in the home to qualify for a four or 5 bedroom. Which is why I started to entertain this option but now that I’m aware of the risk.... 👎 nope.

@Jennifer Donley- this is exactly what I was thinking. The few homes I have with section 8 are in the higher paying zip codes. So for these size homes, the rental payment would be right on board with the regular payment standard plus guaranteed however, I feel after reading your post that considering the offers for under qualified individuals puts myself and family at unnecessary risk. Thank you for sharing so much detail. I appreciate your advise.

@Denise Evans- perfect response, Thank you so much ... so if they would like to qualify for the home the acceptable rent must be disclosed to their case worker. If they still qualify good to go.