All Forum Posts by: Julia Petrac

@Andrew Weiner Thank you for your reply! I have given some thought to a title transfer via quitclaim deed. Based on conversations with lenders, this may be a great option if she is open to this idea. 

I have been trying to find a lender that can offer a non Fannie/Freddie loan and have been having difficulty because it is an investment property. I was recently told by one broker that any bank that offers a Fannie/Freddie loan is unable to offer a loan that does not meet the Fannie/Freddie requirements, but that seemed odd to me. Do you know if this is true? I thought that even if a bank or lender offered a Fannie/Freddie loan that they could also offer a portfolio loan that did not follow the same rules.

@Cameron Tope Thank you for your reply! The GOE will be about $20,000 and although I do not currently own another property or high value asset, I have cash assets. I am hoping to combine the GOE with a smaller addition of cash as the down payment to keep the remainder for repairs and reserves.

@Zeke Liston Thank you for your reply! So far I have only contacted conventional lenders and brokers, but that is a great idea! I will absolutely reach out to commercial lenders to see if there are options for my situation.

Thank you!

Thank you for your reply! Due to her current situation, she is unable to gift me her house or take the payment in installments.

I am ideally looking to use the gift of equity towards the down payment so that she can sell her home completely and quickly while saving myself as much in upfront costs as possible.

Hi!

I am new to real estate investing but have worked in property management for 5 years. I am looking at purchasing my 1st rental property from my grandmother. I live and work in Columbus, OH and the property is in Cleveland, OH so I am unable to purchase this as an owner-occupied property. I am trying to use a gift-of-equity towards a portion of the down payment. I have called different lenders/brokers and seem to get different answers. Some have told me that as of January 1st, 2020, Fannie and Freddie no longer allow GOE to be used for an investment property.

Does anyone know of a mortgage option for using a gift of equity towards a down payment of an investment property?

Thank you!

Julia

Hi! 

I am new to real estate investing but have worked in property management for 5 years. I am looking at purchasing my 1st rental property from my grandmother. I live and work in Columbus, OH and the property is in Cleveland, OH so I am unable to purchase this as an owner-occupied property. I am trying to use a gift-of-equity towards a portion of the down payment. I have called different lenders/brokers and seem to get different answers. Some have told me that as of January 1st, 2020, Fannie and Freddie no longer allow GOE to be used for an investment property. 

Does anyone know of a mortgage option for using a gift of equity towards a down payment of an investment property?

Thank you!

Julia