All Forum Posts by: Michael Cohen

Hi Dorian Brown - actually, an FHA loan would allow you to purchase a 4-unit property for only 3.5% down payment. You must live in one of the units as your primary residence, but the other 3 units can be rented out. If you find the right property, they'll cover your mortgage, thus eliminating your rent. Ideally you would even get some cash flow from it. Good luck!

Hi Derrick Thomas Not at all; there are several low down payment options that are 5% down or less, depending on your particular situation. Speak with a qualified loan officer and s/he can walk you through your options.

Jesse Olsen your qualification amount can only be determined by a qualified loan officer who is familiar with FHA guidelines on qualifying income, debt-to-income, etc. unfortunately, most of what I tend to find online is incorrect or outdated. I suggest you speak with another lender who will help you understand what you would be approved for. Good luck!

Call a different lender.

You should be able to use 2016 & YTD CPA-certified P&L statements.

Absolutely do not dispute the collection with the credit bureaus. Lenders require disputes to be removed and your score will drop (further than it was previously) because you artificially inflated your score temporarily.

Good; if he's experienced with renovation loans, you're good. Every contractor is different in their professionalism and timeliness.

Truthfully, without the bid physically in hand, you should not be setting a closing date. Let alone 40 days. More than any other loan type, the 203K relies on third-party people. The closing date is outside of the control of the buyer, seller, or loan officer. Has your loan officer agreed to the closing date?

I generally request 45 days to close a 203k just to have a buffer, but it can be done if you are diligent in getting docs to your loan officer immediately. If s/he asks for something and it takes you 3 days to get it in, it'll be a challenge to close in time. We have your contractors bid?

Jozy T. You can get an FHA loan while currently owning another property. Particularly in your situation where you're moving because of work. The 100-mile rule is that you cannot use rental income from that property as qualifying income if you are not at least 100 miles away. So your income must be able to carry both mortgages without using rental income from the first property. That rule is not particularly flexible, unfortunately.