All Forum Posts by: Keith Pentz

sure will. Thanks Chan and sending you the info now.

Hey Brian!

Welcome to BP!  Great place to be !  Check out the forums and search any topics you are interested in. There is a ton of info on here! Lots of great info from Brandon and co. in the webinar replays as well.

Any Central MA questions Im happy to answer !

KP

Hey All!

Just wanted to throw this out there because it usually doesn't come up this way. I have 1/2 of an Attached Colonial Listed MLS 71970554 . The other half is also for sale (with another Realtor, the nerve! lol) . Same specs as this one. Listed for $199,000 . Local rents are $1750 for same size half duplexes. Both lakeview (2nd home from the lake) and built in 2002. Natural gas, city town/sewer, link is attached to check out and Open House tomorrow Noon to 3!

Both are at Market and just listed . My side is vacant and the other is owner occupied and "must find suitable housing" so not as quick of a close available. 11B Stowell Ave Worcester MA for full details and all pics.

Wanted to throw this out in case anyone was looking turnkey or for Owner Occupied. Thanks!

Awesome! CMRS here buddy. Keep up the great work!

Hey @Marta M. ! Just messaged you the details. Let me know and thanks!

Hey Brian! It is! Ran out of hours to call ya today. Ill PM you and call ya in the AM.

Thanks!

Hey @Frank Fiore Jrnot sure how i missed your post ... was your mortgage your only trade line? Or do you only have 1 or 2 and no revolving credit? My only thought is that closing the mortgage meant you had very little accounts reporting to the bureaus. If you weren't late on any of your payments your score should not have been affected at all because of the Short Sale. 

@Brandon Beale If you you CAN find a multi go FHA Multi family (3 or 4 units) first, then you can but a single family to live in Fannie Mae 5% down and rent out the unit of the the multi you were living in after a yr and a day.

If you buy a single family FHA first then you are looking at the second house you buy being 20-25% down . Actually that's true even if you went with a Fannie Mae Mortgage on the first purchase. There is just no feasible way unless you can show a job transfer greater than 100 miles to get around it. Keep your money if ya can and make more of it!

@Brandon BealeFrom the FHA Guidelines (they actually just updated for clarification)

5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower’s Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower’s principal residence within sixty daysafter the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower’s principal residence for at least one year after the date of occupancy, unless Lender determines this requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower’s control Borrower shall notify Lender of any extenuating circumstances. …

Few things:

1. It isn't a preapproval until the bank has looked at your credit, tax returns, paystubs and bank statements. Get all of these to an experienced Lender up front. If they don't ask for them then use another Lender because you are dealing with someone that could care less about a smooth transaction/wasting your time. There's 100 things that can pop up (you have unverified deposits in your bank account, you have unreimbursed expenses that they deduct from your gross income, your income went down from the previous year and they have to use the lower amount, and on and on). Better to know up front.

2. You aren't tied to use who you get the preapproval from but all credit pulls for mortgages in a 14-21 day period (depending on the credit bureau) count as a single credit pull and affect your credit as 1 credit pull. Outside of that timeframe they will count as additional pulls and have additional impact on your credit.

3. For timing purposes it makes zero sense to shop for your mortgage after you find the house. You put undue strain on the Lender in terms of time to perform and undue stress on yourself. 

In short: shop for your mortgage lender upfront, decide who you are using, get them all your documentation now and save yourself time, stress and frustration later.

Good Luck!

KP