All Forum Posts by: Logan Drew

There are no programs that allow less than 20% down on 2-4 unit purchases unless you are asking for an FHA loan for a primary residence. US Bank has a 10% down product for 2-unit primary residence purchases, but that is about as aggressive as you'll get on anything that isn't FHA.

Hi @Nicole C.,

The best option for you definitely depends on your needs.  Are you in contract and needing to close quickly?  Or are you just planning ahead and will have time to close a conventional/ conforming loan?

Hi Ryan,

Is there a reason the other person/ partner is not going on the loan?  Also, what type of loan program are you getting prequalified for (ie 30 year fixed from a lender or bank, or something else)?

The allowance of gift funds on non-owner occupied/ investment properties is rare or non-existent on conforming loan guidelines.  Any lender allowing it is probably issuing a short-term program with a higher than market rate.  Also, borrowed funds are not allowed as down payment for primary residences or for investment properties in the conforming realm.

If you hear of investors 'using other peoples' money', it is when they use a non-conforming or private loan (higher rates) or the partner is going onto the loan with them.

I hope this helps...

Thanks @Manolo D.!!!  Hello @Donna Arrogante!

Let me know if you'd like to chat sometime soon about your plans and goals.

Hi Joe:

Settlement costs can consist of property taxes, transfer taxes, hazard insurance, settlement services (title/ attorney/ escrow), and any other non-lender fees required in the transfer or real property.  Are the fees actually being charged by Wells Fargo or are they a combination of all of the usual and customary closing costs required per your purchase contract... and some lending costs?

That said, the rates you've chosen could also increase your costs.  The lower the rate, the more expensive the loan... especially when closing a non-owner occupied loan.

Please elaborate what fees are included in the $5,000 and what rate you are retrieving from Wells and maybe I can shed some light on this for you.

Thanks,

Hi Neil:

Is your client looking to buy or lease?

Thanks,

Hi Jorge:

I am a local lender in Pasadena and have a rep in my office that handles reverse mortgages.  Please feel free to forward my information on or connect us directly.

Thanks,

I'll review the thread. If it says Gorilla owns 100% of the LLC on title, then there is your answer. I'd be curious to read through and possibly speak to anyone that has used them before. Let's catch up soon.

Hi Charles:

Are you renting out your old house, but you still use it on your employment docs?  I think if you update your address with your employer, this scenario might seem a bit more believable.  Also, are you refinancing your 'primary' or doing a loan for some other purpose?

In the end, all underwriters would have an issue with this scenario.  The best thing to do is consult with your broker/ loan officer to ask them what their underwriter needs you to do.  Sometimes writing a letter of explanation is the solution, sometimes the solution is much more difficult.

PM'd and emailed.  Thanks David... I remember you.  I hope all is well since last we spoke.