All Forum Posts by: Akeim Fin

This is my first time doing this so any information will be helpfully.

How do you qualify tenants when they apply together as roommates? Example one of my standards is a minimum of a 600 credit score but one has a 560 and the other has a 770 or I require a background check but one roommate is a student from overseas with no SSN for a background check.

In general, how do you treat groups of people that are applying? Another standard is Applicant's monthly household income must exceed three times the rent. So should that be each tenants or the group? I am renting an A apartment in a D/F neighborhood. It’s a beautifully renovated 3 bed 2 bath 1st floor unit that I am trying to rent BUTTTT The house next door is burnt down with graffiti next to it. It’s an up and coming area with great shopping, food and many universities. Its the city. 

This is owner occupied situation so I don’t want to lower my standers too much but I also don’t want to have vacant for too long.

@ Nicole A Thank you for the tips. I will do what you suggested and try sharing less details. I didn’t do this at first for fear of everyone telling me yes yes yes we can help you. Time to go fund the deal and then they say no

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@Caleb Heimsoth I am looking in the same city Providence RI so they are very close maybe a 15 mile radius at best. The problem is most multi are in the city.

I always knew I would have to do the 20-25% percent down just didn't expect to do it on the seconds home L. Especially when I am going to be living in the property and have an unused FHA as an option.

@ Alexander Felice Thank You !!! great explanation. I was thinking the rules they had apply to me period. Especially after hearing the same thing 3-4 times. I guess I just have to try another 20 times lol. As an underwriter what would you say is important to them in order for the deal to pass? In your “OPINION” what would you say is some strong cases to justify going from a 2 family to a 3 family? Also what info is missing?

Ok, Thank you!! I was thinking that theses rules were enforced at the federal level vs just lender rules.

I like your advice on better spending my time looking vs fighting on that note are their any tips on finding lenders? example (Maybe try big banks then local then etc or go out of state) where would be a good place to start?

Thank you in advance and sorry for the back and forth. I guess I was looking for "Yes the same thing happen to me this is what I did." I'm just trying to get a feeler if I was a special snowflake or if others have herd the same thing before. 

Thank you

@ Nicole So how do people do it? I was just watching a BP podcast 276 featuring Bryce Stewart where he went from a two family to a three using owner occupied rates. That's just one of the many so i am curious how they do it? and to answer your question they haven't mentioned time but its been 10 mouths since I bought my first home.

BP does a great job of offering  information on the first home and what to do after 6,7,8 homes when lenders wont look at you but their seems to be a gap. How do you get the second  and third home?

My Questions is why/how is this a thing? Is their some rule somewhere that i can reference?  If i want another home  i am being told it has to be a 2 family or a single family, In a "better" neighborhood, 50 miles away from my current home or substantially closer to my job in order for underwriting to even look at it.  It almost seems like their making this up. Im not understanding why it would be so difficult to get an owner occupied loan that i intend to live in when i only have one home. Have you seen this before ?  

So I bought my first home (duplex) using a VA home loan a few months ago. Everything went well and now I'm ready to buy my second home (triplex) but there's a problem, Underwriting!!

I am being told by numerous lenders that I can't purchase a 3 family using an owner occupied FHA or conventional loan at that matter. Instead I need to put 25% down because I am seen as an investor. Despite planning on living in the future triplex they are telling me at best I can get another Duplex, and that will be a stretch that requires some selling to underwriting. After asking why their response is the same "People don't go from a 2 to a 3 instead they go from a 2 to a 2 or a 2 to a single family. Gong from a 2 to a 3 family is seen as unusual and appears that I am trying to be an investor and not put down any money."

How do I get around this hurdle? Has anyone else been told this before?