All Forum Posts by: Mark Fein

It used to be six months seasoning, but guidelines for conventional loan-cash out changed recently.  It's now 12 months.

There are not many options for HELOCs on investment properties.  I do have a contact for a HE loan, second  mortgage with fixed rate and payment for investment properties.  You can DM me

Spring Equity offers fixed second mortgages on investment properties, not HELOCs though. They require the deed to be in your personal name, not LLC.

If you occupy the property as your primary residence, you can potentally do a HELOC or fixed second mortgage up to 90% CLTV.

If you are applying for a conventional mortgage, then the criteria will be similar to the HELOC. If you use a DSCR or bank statement loans the criteria will be different.

Look into getting a HELOC on your current residence. You should have no trouble finding one that lends up to 90% of the value. Based on your numbers above you could take out $46k of equity and leave your current mortgage in place (which likely has a lower rate than what is available today)

The State of Florida offers down payment/closing cost assistance for first time homebuyers for firefighters.   The program is called Hometown Heroes.  It must be used for a primary residence though and not a rental.   I am a lender in Florida if you want to DM me.

Hi Dominique,

I agree with others that your first step into real estate should be to purchase a primary residence. Florida offers a "Hometown Heros" program to essential workers, such as nurses. You can use this program in conjenction with FHA or Home Possible. It rolled out in 2022. I am a lender in Florida, if you wanted to DM me for more info.

You could use your own funds, once the ADU is complete the value should increase. At that time you can get a HELOC and pay yourslf back.

Yes, you you can.    Freddie Mac just chaned to the seasoning requirement to 12 months.   Fannie at least for the time being is 6 months.