All Forum Posts by: Roy Gutierrez

 Hi Latrice,

Before the land bank used to have some properties in decent areas that were worth fixing up, now I don't see anything that seems worth it, I'm sure there are some here and there but you really have to be aggressive to check all them out and most if not all are NOT in "up and coming areas" nowadays. I think there's a program in Detroit that will finance the rehab if you're going to live in the house.

Hi guys,

I have a FHA Loan on my primary home, bought in 2015, owe $112K (30 year mortgage at 3.75 rate and also pay FHA insurance for the life of the loan). I also have a HELOC against it for 55K (thru Huntington bank) and I have pulled 47K out (at I believe currently 4.04 rate). I'm estimating the house is worth about 280K, it would be nice to get out of the FHA loan and also payoff and have some money to rehab some fixer uppers that I bought.

One option is maybe to try get another HELOC (should get a better rate than the current HELOC) to payoff the mortgage and pay off the current HELOC, closing cost should be very minimal with Huntington, could end up with some extra cash for investment but stuck with a variable rate.

Another option is to refi, fixed rate, able to get out of the FHA insurance, HOPEFULLY Get a rate 3 or lower, payoff my HELOC and have some money left over for investing BUT those closing costs!

What do you guys think? What would you do?

Thank you!

 Thank you so much for those new Christopher, there might be hope! I'll send you a DM if you don't mind.

Anyone been successfull doing an Increase to your EIDL loan? I've applied and it's been almost 4 months and I stil hear the crickets.

Hi Christopher,

Also Michigan here, were you able to get a decision on an Increase? Waiting almost 4 months here!

 Hey Mark,

I tried to increase my amount after I was approved (got wrong advise and put loses for 1 month instead of 6 months), I waited for them to respond to my desire to increase call reps, sent messages and no response from them, finally a rep told me if I didn't take what I was offered I will lose it so I had to take it. Then they had a new program to allow increases (came about 4 months ago), I applies a couple of days after it came out, it's going on 4 months now and nothing. Did you call a special number? As far as what I was gathering from the reps it was not a good chance of happening, it was impossible to reach loan officers, what number did you call? who did you speak to?

Thank you!

Jesse,

I did my HELOC before the pandemic and it took more effort because of my DTI, not sure how it is now but definitely more difficult because of the tightened requirements. It should be easier with a primary I imagine, all banks work with primary but not all with investment. Also now new mortgages take precedence over refis and I imagine HELOCS as well.

Scott,

I was able to do a HELOC with Huntington under my name but not sure how bad it is now, I know doing a refi has taken me about 5 months and will just be closing probably next week.

 Hey Ronald,

If your property is in your name Huntington can do it (if you qualify of course), not sure how it is if the house is in an LLC. Be prepared to suffer thru the qualification process banks are requiring more stuff nowadays.

 I've been calling about one-twice a week for months now, they're overwhelmed, basically they have no other answer other than "we don't know". Oh by the way, the cheated me out of the grant, they said in my initial application in early april I should have checked a box for the grant, WHAT BOX! I mean who would turn down free money??? unless it was in microscopic letters I didn't see this box, anyone else not getting the grant?