All Forum Posts by: Mary Firmin

Thanks for all the helpful info guys! My loan officer ended up being a total rock star and going all the way to the president of the bank to make an exception for me! I had to include a copy of the lease and write a letter of intent to occupy as of January 2nd, and the loan was accepted by the bank! It’s also a healthcare professionals loan, so it’s 0% down and no MORTGAGE INSURANCE 😱😍 I can hardly believe my good luck! So now I can finance the studio with cash!

Hi guys! I’m still under contract to buy a property, and the plan was to create a studio apartment in the back of the house while the current tenant rides out their lease. However, the underwriters won’t approve the loan without a lease termination letter for a 60 day notice, and the current tenant must move out.  The owner doesn’t want to send the tenant a lease termination letter based on liability in the post-covid climate(he discussed with his lawyer and no amount of earnest money will make him comfortable to give the tenant notice). The tenant’s lease isn’t up until December, and the bank won’t consider me as being the primary resident if I’m living in the studio, as the tenant would be still occupying the main house. The seller agent suggested a bridge loan, but I’d need my cash to do a renovation on the studio, so I can’t do a huge down payment... does anyone have experience with any creative financing options regarding bridge loans?

Hi guys! Real newbie here and under contract to buy my first property! So pumped!!

It's a SFH with an addition of 280 sq feet in the back that I want to turn into a studio apartment; I'd live there and continue renting out the 3bed/2 bath house to the current tenant whose lease runs out in December. My question is: has anyone gotten financing with a renovation rolled into the mortgage?

I spoke with a lender today and she said that type of product doesn’t exist, but the studio will need to be gutted to turn it into a livable space. Anybody have any advice?
Obviously I’ll be talking to more than just that lender, but I thought I’d ask for some experienced insight as well :)

Thanks for the replies, guys! The deal fell through - the owner wouldn't take an offer that would cash flow properly for me, but I think this is still knowledge I need under my belt. The leases look strange to me, it says they automatically renew every 12 months, so I'm assuming instead of month to month after the initial lease is up (which is what I've experienced), they renew for another 12 months? One of the leases is up March 18th, so if the deal would have gone through, that would have worked out to make the 60 day move in requirement for the FHA loan.

Thanks for the replies! I understand I'll need to occupy one of the units as a requirement of an FHA, but I'm not clear on the process of replacing an existing tenant? Do I have to start an eviction process as soon as I buy the property?

Hi there 👋🏼

Newbie here!

I'm attempting to buy a 4 unit multi family in the Augusta GA area, and I'm looking to get an FHA loan for financing. My problem is that all the units in the 4-plex are rented. Does anyone have experience with the process of replacing a tenant in a multifamily?? Or advice on who to ask for direction? My realtor doesn't know the process.
Thanks guys!