All Forum Posts by: Michael Semeraro

@Brandon Ribeiro USDA loans are pretty big where I live in York, Pa but they have stricter guidelines than most loans. There is an income limit depending on family size, you must keep your debt-to-income ratio below a 45% and depending on your assets you can have more than 20% plus closing costs liquid. Message me if you want to talk more about them.

@Cody Godfrey Sorry, I forgot to mention that PHFA requires you to be a first time home buyer to purchase conventional and it also has a income limit depending on family size. So I do not think that Avenue is beneficial in this situation.

@Cody Godfrey @Cody Godfrey PHFA is Pennsylvania Housing Finance Agency. It is a state bond program through PA. We usually have clients that need down payment assistance use their program.

The issue I see you having is that you cannot have two FHA loans and you do not have the capital required to go conventional. So the best way I see going about it is to refi the current house to a conventional loan and the purchase new house with and FHA loan again. Which is sounds like you were already thinking. You would obviously have to owner occupy for a year in the new purchase. That would not only allow the lower down payment but also gives the advantage of full 6% seller assistance if you can get that negotiated.

As far as the refi goes, you cannot have a loan to value higher that 85% on a 3-4 unit, see below Fannie Mae eligibility matrix, so

https://singlefamily.fanniemae.com/media/20786/display

Is anyone else on the current loan with you? They could do an FHA refi to get you off the note then you can go buy the new property FHA. Granted that only really helps if the coborrower is family member or spouse who is interested in keeping your investment.

I also live in York and bought my first duplex in December

I have been working in the real estate sphere for about 18 months. Currently I am doing a renovation on a friend's investment property. I have yet to get my real estate license, but will be getting in starting classes in Jan of 2017. Getting my RE license is important to me because I think it will give me the education and credibility I am lacking. My biggest issue is that I am not a fan of sales as a career. Can I still be a good realtor if I am not a fan of doing sales?

I have been doing property management on a couple houses my friend owns for a little over a year. I enjoy the analytics of managing property and would be interested in turning it more career focused. I was curious if getting a cert would beneficial if I am looking to move into a larger role or attempt to work for an outside company.