All Forum Posts by: Matt Bailey

Anything wrong with seller financing then getting refinancing via conventional lending asap?

I suppose OK to do as long as there is no prepayment penalty?

thanks

I found an opportunity with quite a bit of equity.

Can you refinance from a portfolio loan to a conventional loan after closing if your LTV is < 80%?

Not cash out refinance just standard refinancing for lower interest rate and longer term.

Thanks @Chris Coleman

When you perform a cash out refinance, does it have to be 75% LTV? Could it be 65%? 50%?

If so would the lower amount also go with a lower interest rate?

Thanks 

So 

1% rule apply to the yearly amount of rent (gross rent) for the sales price? 

or

1% rule only apply for sales price to monthly rent?

thanks @Jaysen Medhurst

Regarding seller financing, is there a way to research finding out if a property is owned by the seller without a mortgage without asking them?

thanks 

@Chris Coleman

My lender said that it only counts as one loan and not two (out of the 10 you can have) 

the plot thickens 

@Chris Coleman, thanks for jumping in

it has previously appraised for significantly more than what I am paying - I know that can always change

my thought with the portflio loan is that I would not be using up one of my fannie mae loans (10 total loans) and only putting 15% would be less cash out of pocket during the 6 month seasoning period? 

I'll have to check with my lender to see if that checks out on using up fannie mae loan options above (10 total lifetime? or 10 in use?)

Thanks @Joseph Firmin