All Forum Posts by: Kyle S.

 Means nothing as these groups bought at the highs over the last 24 months. I just picked up 5, all are 50% of the current value, so up or down 5- 10% is irrelevant. Good let them crash and burn, we will pick up the crumbs :) 

So Opendoor just heavily invest in phoenix only? 

@Kyle S.. There's a decent chance that HUD/FHA increase the FHA loan limit for next year. Fannie and Freddie already have, so it's reasonable to think that FHA will follow suit. That said, the FHA loan product might be able to fit your needs in Vegas unless you're thinking of doing this with a condo. Many of the condo communities in the Las Vegas market don't have FHA approval.

@Kyle S. yes, there are renovation loans that you can use - some are priced better than others. What city do you live in?

@Kyle S. Fannie/Freddie have renovation loan products that roll the renovation cost into the loan. The reno typically needs to be completed by a licensed contractor though (in case you were looking to do the work yourself).

@Kyle S.

Look into the Home Depot credit card. Some people get the 24 month zero interest deal and just put everything on that card.  Obviously, be aware of the future interest rates and what could happen if you don’t pay it off by the time the promotional period ends.

Conventional loan is cheaper in long run BUT FICO requirement higher, Debt to income ratio hard fast max 43. Conventional when you get to the 79.9% LTV the MI payment goes away thus saving money without refinancing.

While FHA lower FICO allowed, 51 DTI, ins and outs of gifts easier, but a little tighter on property condition. PMI is permanent on FHA.

The choice is sometimes made by what a person's situation is at the moment. @Kyle S. When you need to close in 27 days you cannot change your credit score or income. A lender can juggle the fire insurance or rate or factors to change the DTI by 1-3% but to change from 51 down to 43 is a giant difference or 8%

@Kyle S. When he purchased he paid upfront PMI plus a monthly premium. With FHA you are stuck with those costs until you sell or refinance conventional. Cost to refinance is not cheap and with rates rising lenders want to see he is lowering his payment if loan to value is higher than 80%. Borrower has to qualify again so credit better than before and income stream same or better.