All Forum Posts by: Nate Castle

Hi, can any loan brokers help me with this question?

I already own a triplex financed with the conventional Home possible loan program.

My question is, can I use FHA to buy a second multi family property and what are the limitations to doing that ?

Thank you!

Hi, can any loan brokers help me with this question?

I currently have a triplex (Owner occupied) that was financed with the Home Possible loan program.

My question is after my one year of occupancy, can I use the same loan program a second time for another owner occupied mutifamily? With my justification, IE I need to be closer to work and I just received custody of my kids and need a larger home.

Thank You for your help!

@Tarik Turner thank you. What is a “non qm “ lender?

@Brad Hammond thank you.

Can someone please explain how an investor loan works for a 4 unit and under?

I know it will be 20-25% down, but how does the loan qualification work? Is it based on my income like owner occupied is, or based on the property income like commercial is? 
thanks!

Can someone who works in th lending industry help me out? I am in contract for a property with a partner and my partner wants to back out of the deal. My question is, is it possible, and how long would it take to remove him from the loan application and add a different co-signer? I do not have to much time as the sellers have already extended a month and are very eager to close. Please help if you can! Thank you!

I’m trying to learn about specific loan programs available for owner occupied multi family properties. Yes I am familiar with FHA-VA and Con Home possible programs. I’m trying to learn about any lessor known loan programs that could be used. Please help if you can! Thank you!

Thank you!

I know about that. The income limit for my area is $81,500. I would be very close including the rents. I believe the lender can only count 75% of the rents, is that correct for Home Possible?

@John Warren,

What are the changes to Home Possible that will make it difficult to use it for my situation?

Thanks.