All Forum Posts by: Sean LeBlanc

Single or multi?  Here is some super rough info for you: 

USDA- Can buy a single with no money down, as long as it is in an eligible ares ( rural small town) 

Conventional- Can buy another single or multi with low down payment assuming you meet income limits, AND can qualify while still holding other property. 

Line of credit-  Highest amount you will get is 90% of value, so if your current mortgage amount is already around 90% or more of the homes value, likely not an option for you

Hard money/ Personal loan- Will usually have a short term, will need an exit strategy of selling or refinancing into a traditional loan. 

Let me know if I can help out. 

Thanks! 

If you are over 6 months from your initial purchase, this is likely a non significant clerical requirement to justify the increase in value in a short period of time. 

If you are within 6 months of purchase, your loan amount may be limited to your final HUD amount depending on your lender/program.

Let me know if I can help. 

Thanks! 

@Laura Cardenas welcome! I am a fellow NH investor and Lender. Let me know how I can help! 

Thanks

Hi All, 

Sorry for my absence on this thread, getting back into BP.  

@Kemar White you do not need to live in the house for the life of the loan, the guideline states you must INTEND to live in the property for at least 1 year. 

@Alexander George

The reason you can't go rack up rentals by moving into them using FHA loans is there is a rule that in most situations you can only have one FHA loan at a time.

If your goal is to house hack a few properties in a row to build up your portfolio, it can be done, but you need to be strategic with your loan programs. 

Masshousing offers both conventional and FHA programs with varying terms. You could theoretically use an FHA loan for your first property, then a conventional loan for your second. By the time your ready for your third, you may be able to refinance your original FHA loan into a conventional loan, and then you would be eligible to use an FHA again on the third property.

As you can see there is a lot of red tape to navigate, if this is your plan, you need to make sure you are dealing with a lender who understands this strategy. 

Let me know if I can help out in any way.

Thanks!

Hi Diego, 

Being on the state line between NH and MA  I work with a lot of buyers who are pondering the same question. The landlord laws should be a major consideration, especially the eviction process in NH vs Mass.

Your investment philosophy will be the most important factor, if you are looking for cash flow, you are generally more likely to find that in NH right now. If you are betting on appreciation, the greater Boston area may be your best bet, but I would do a lot of research to figure out where you think we are now in the current market cycle, considering  many experts warning of a correction in the near future.

Let me know if I can help out. 

Thanks! 

Welcome! BP is a great resource. Feel free to reach out with any mortgage questions whatsoever!

Axel,

How are you planning on buying these properties? 1 by 1 or all together? All as investment properties? This would dictate whether or not your looking for a commerical or residential agent.

Let me know a bit more about your situation and I would be happy to pass along a few names ( feel free to PM if preferred).

Thanks and good luck!

David,

Here are a few good ones:

Lydia Foley

Purple Finch Properties
            204a Main Street                Nashua, NH 03060
            603-670-4996 [Office]
            603-670-4996 [Mobile]
http://www.PurpleFinchProp.com

OR

Ron Butler

The Butler Did It! Team

RE/MAX Insight

254 North Broadway #201

Salem NH 03079

Cell: 978-852-2242

Direct Fax: 603-212-9094

[email protected]

thebutlerdiditteam.com

Thanks!

Sean LeBlanc

Hey Josh,

I would be happy to help you out. My office is in Salem, NH, right on the state line. I am licensed in both states and do quite a bit of FHA.

Feel free to contact me directly anytime.

[email protected] | 603-458-2443

Thanks,

Sean LeBlanc

Chris,

I work for one of the largest Mass Housing lenders in the state, so maybe I can shed some light here:

Mass Housing is an awesome program. 3% is their minimum down payment on single families, but that jumps up to 5% for multis, usually with no mortgage insurance. Keep in mind that the mortgage insurance is essentially built into the interest rate, which is why it might look a bit higher. However with FHA, your mortgage insurance is not only expensive (1.35% of loan amount), but it lasts for the LIFE OF THE LOAN. So regardless of equity position, you will have mortgage insurance, unless you refinance.

Like others have mentioned, Mass Housing has income limits, and you must be a first time homebuyer. The income limit for Worcester County right now is $107,460 .

There is also first time home buyer education requirements, and if you are buying your first multi, there will be a landlord education requirement as well. The good thing is most of these classes are offered online these days.

You mentioned that MA Housing also allows you to use 65% of rents on a triplex to qualify, keep in mind this is only if the units are occupied at the time of purchase. If they are vacant, you can use 50% of the market rents set by the appraiser. With FHA, you can acutally use 85% of the market rents to qualify, another big reason why people choose FHA.

Feel free to contact me anytime if your looking for more info or want to know if you might be eligible.

Thanks,