All Forum Posts by: Matt Steele

@Harjeet Bhatti Thank you. I got a little more of an update too: 

I assumed a loan amount of about $465,000 to cover everything. This would mean you’d need an appraised value of $490k or higher

So I purchased the property for @ 470. I see the estimated value has increased based on our market. But still want to shop around.

Thanks!

@Harjeet Bhatti -> What is LPMI? I was asking for numbers from him. The most recent response was -> All you'd need is 5% equity, which you should definitely have. Based on today's rates, the rate would be 4.625% with No PMI. Assuming you roll in the closing costs and avoid paying out of pocket.

@Melvin List-> The loan was the exact opposite. Very large. Its a 2 family, north of Boston. My credit score is and was around 800 (fluctuates because I am doing a 0% interest card for grad school, where my company pays me back at the end of the semester). Basically I was told that I was not eligible for a first time home buyers loan because of my debt to income ratio and the fact that my salary and annual bonus did not have two years of solid history (if that makes sense).

@Jonathan Klemm

@Jonathan Klemm -> I am following you here, I hate the idea of PMI as well. Just trying to figure out the best approach and educate myself in the process.

Thank you all!

HI BP Folks!

I have been looking into either paying forward my FHA loan to get out of PMI or refinancing. I have found some interesting calculators. Basically I could pay an additional $750 to principal and get out of PMI by 01/2022.

I purchased my property @ 3.5% down in July 2017 w/ 4.25% interest. I received an email from the Loan Office I went through, saying "I can get you out of FHA and into the Freddie Mac Home Possible program. It would save you about $200/month".

Looking for any recommendation how to approach this. 

Best, 

Matt

Thanks all for the advice and recommendations!

I live in my property in Massachusetts and my tenants are  able bodied young professional men. Are we legally able to put it in the lease that they are responsible for removing snow from their side of the building. 

I will happily do it if I am around but if I am ever away Or something like that. When I was renting in New Hampshire I was responsible for snow removal. 

Thanks 

Matt 

@Brent Coombs Thank you, and then what. My mom has a plus account. 

Best, 

Matt

Hi All, 

I believe I heard that Bigger Pockets members can list their available rentals in the Marketplace?

Does any one know where or how, if possible? 

Thank you, 

Matt 

@Ian Kurela and @Matthew Evan Rabinowitz I am not in a serious rush. 

This is what I was told and did, now I am beginning the knowledge search. I was told if I went FHA, putting 3.5% down on a duplex. I could refinance into something to get rid of the PMI after 2017. This was because my two years W-2s would be much great than the previous two years because 2015 I got a prorated bonus since I got a promotion in the middle of the year.

My monthly mortgage is about 3100, I am going to be renting a unit @ 2100. I will be living in the other unit. So I am not in a brutal rush, but I just want to get rid of PMI sooner rather than later. My question is, is it true that I would be able to get rid of PMI without having 20% equity in the property?

Best, 

Matt 

@Matthew Evan Rabinowitz I have never heard of this. Where can I find some education on this? Would this be outside of a bank?

@Ian Kurela

@Ian Kurela nothing is guaranteed, but i am pretty confident based on the previous years and the projects I have worked on this year.

-Matt 

Yes it has a 5% raise and I am knocking out a student loan this month. I also have a big end of the year review cycle coming, where numerous compensation items are evaluated.