All Forum Posts by: Matthew Lindsey

Hi,

I am selling a single family home that the city rezoned years ago into a commercial zoning. We have an offer on the property but my agent just stated that the buyer is wanting to use a conventional loan and she is pretty sure than Fannie Mae and Freddie Mac will not loan on properties with commercial zoning. Im not sure if it will change anything with a lender but the City can/will issue a letter stating that the property is grandfathered in as residential but does have commercial zoning (if the house burnt down, you could still rebuild a house with the same footprint).

Does anyone know if this is correct and if so, is there anyway a buyer can still use conventional financing? The buyers want to use the home as their personal residence.

Hi,

I'm very new to anything related to an FHA loan. We are selling a property that has been freshly renovated. The buyers want to use an FHA loan and I'm not real familiar with the FHA loan process. However, when reading the FHA Loan Contingency Exhibit, section 20 reads:

Home Warranty:If the improvements on Property are less than one year old at the time of Closing, Seller shall, if required by FHA, provide a home warranty certificate acceptable to FHA.

Does this mean I have to personally warranty any issues on the property that may arise within a year or buy a home warranty from a company that offers that. Can someone please explain this and if that clause is normally imposed on renovated properties?

Property is in GA and built in the mid 80’s but renovated the end of last year.

Thanks

Hey Scott,

I sent you an email. Are home warranties difficult to acquire on a property? Never had to look into it.

Thanks

Hi,

I'm very new to anything related to an FHA loan. We are selling a property that has been freshly renovated. The buyers want to use an FHA loan and I'm not real familiar with the FHA loan process. However, when reading the FHA Loan Contingency Exhibit, section 20 reads:

Home Warranty:If the improvements on Property are less than one year old at the time of Closing, Seller shall, if required by FHA, provide a home warranty certificate acceptable to FHA.

Does this mean I have to personally warranty any issues on the property that may arise within a year or buy a home warranty from a company that offers that. Can someone please explain this and if that clause is normally imposed on renovated properties?

Property is in GA and built in the mid 80’s but renovated the end of last year. 

Thanks

@AJ Exner @Brandon Croucier

Thanks for the reply. The tenants have been there over a year and I can show proof of payment if that makes a difference. Just would prefer to keep them month to month unless it’s going to be a issue.

Hi,

Does the type of lease term make a difference when wanting to do a DSCR type refinance loan? I have some leases that are Month to Month and I just want to make sure that will not hurt me during the process. Whether it will increase interest rate, make it more difficult to find a lender, etc. I would like to know.

Thanks,

Matt

@Jay Hurst No relation to the tenants. 

@Erik Estrada That should not be an issue.

@Erik Estrada Hi Erik, the tenant is a business entity.

@Jonathan Taylor messaged you.