All Forum Posts by: Account Closed

@Nabil Suleiman

Understood, thanks for your feedback. Big limiting factor from what I have heard is termites with VA loans. Previously, I was able to close in 28 days on a VA loan, my broker thinks it may be possible to close within 30 days. However, it seems like the name of the game would be inflated offers in an already overpriced market. For buyers, is there any perceived difference in down payment for conventional loans? Ideally, I would want to save some of my down payment for renovations,for example, offering 10% vs 15% down. I know that market is flooded with cash offers...just trying to see what can keep me as competitive as possible

Has anyone had success using a VA loan for house (3bd/2 bath, <1M) in Burbank recently?

I have talked to several brokers who have told me that it is rare but possible...

Trying to weigh the benefit of refinancing primary residence out of VA loan into conventional to restore VA entitlement for a purchase this summer.

Advice has been to offer conventional loan with 15% down, then try to switch to VA loan with 10% down to have more cash for renovations- does this sound feasible?

Currently shopping for a condo or house in Studio City/Toluca Lake/Burbank area that will serve as a primary residence.

Condo (2-3 bed, 2 bath) price range 600K-700K (Studio City/Toluca Lake)

House (3 bed, 2 bath) price range <1M (Burbank)

Long term, I am looking to build a portfolio of properties by buying a new property every 3-5 years in the LA area with savings from my 9-5 job.

Originally, I had planned on a condo, but concerned in regards to housing price projections in the next few years.

What are people's opinion of investment values of these property types in these areas?

Thanks!

How do I go about completing a Fannie Mae From 1007, which is a Single-Family Comparable Rent Schedule, for my primary residence?

I am looking at a second residence, but to make my front-end DTI a little more approachable, I would like to be able to add rental income from the primary residence.

Currently have ~$120k for down and a front-end DTI of ~33%. How unappproachable am I for a conventional loan with 20% down? How can I complete Fannie Mae Form 1007 to try to add the rental income?

 Thank you for your advice, I will look for a lender in the SoCal area to start the discussion.

I was hoping that a signed lease, first month and deposit would allow me to count 75% of rental income.

I have seen mentions of "investor grade"  brokers, I guess I will need to look for someone who can help me navigate this challenge.

My wife and I are about to purchase a new property and I am looking for advice on how to apply in order to secure the best interest rate possible.

Currently, we live in a house that is just under my name- I have not added her to this house because I had received advice that the purchase of a second home will result in a higher interest rate.

We will apply for the mortgage together, however is there any advantage to putting her as the primary applicant as a "first time home-buyer?"  Both of us have good income, good credit (780+) and we have a down payment of 20%.  

Additionally, we will rent out our current property- can expected rental income be factored in to offset housing ratio?  Or would a signed rental lease be enough for a lender to consider?

Down the road, our hope would be to set up an LLC once we have accrued several rental properties, but I do not think it would be beneficial at this time.

Understood, thank you for your feedback! However, I do have to make a decision significantly ahead of the time where I would submit offers for a property with a VA loan. This is just a requirement for the VA loan- essentially I cannot have two VA loans of this loan amount. Essentially, I would need to refinance out of a VA loan to conventional loan, ideally with 20% equity to prevent PMI.

Therefore, in your experience, where do you find that offers are most competitive? SFH, condos, townhouses? Mostly in the Studio City/Toluca Lake extending into Burbank area?

My next purchase with a VA loan could be in 9 months for a condo or in 5 years for a SFH...understanding that the market could completely change in even 9 months, would you rather take a risk with submitting a VA loan for a SFH (800K-1M), condo (700K), or townhouse (800K) in Studio City/Toluca Lake/Burbank?  If you had to pick one property type for a VA loan offer?

What are your thoughts on an unlicensed ADU?

What are the limitations on purchasing a property with an unlicensed ADU?  How about renting?

Are you SOL in getting retroactively getting a ADU? Typically will the inspector require significant teardown of ADU, or can one demonstrate necessary requirements with relatively insignificant damage?

Thank you, I was not aware of exactly how difficult it was. My current property was purchased with a VA loan with 0% down in the Antelope Valley and did not have too much of an issue, but this area is obviously much less competitive.

My goal was to rent out this property and purchase another, however I was considering paying off 20% on the property in the AV, refinance into a conventional without PMI, so that I could use a VA loan moving forward. Likely, will this prohibit me from getting an offer accepted? Would I be in a better position to use a conventional loan with 20% down? I wanted to try to leverage cash flow with a VA loan, but not if it is going to make it much more difficult to get a loan accepted...