All Forum Posts by: Nicholas Covington

@Bailey A.

Texas is wonky and a lender's nightmare when it comes to cashing out and HELOCs. As a primary occupancy, you can only cash out 1-unit SFR in the state of Texas. Look up Texas 50(a)(6) if you want some more information, but basically, it prevents 2-4 unit cash-outs. Not allowed.

So at this point your only option is to sell or get an investment loan on it, both of which would require you to move out technically.

Investment rates are "that" bad especially compared to just 2-3 years ago. 

FYI most people answering that don't live in texas will not be able to answer your post correctly without knowing texas cash out rules... which also apply to HELOCs

@Steven Gebhardt

Banks, especially smaller banks, tend to lend their own money. If they are selling to secondary (fannie/freddie) they will be stuck at offering up to 75%. If they are lending their own money with their own rules, then it is indeed possible for them to be able to lend up to 80%. You are assuming that they are selling their loans, though they could as there are other investors that buy as well.

I broker to lenders that offer 80-85% LTV so it indeed is possible. If they say they offer it, then I would believe that they do. We cannot advertise programs that we cannot offer, that is a violation.

Hello Luke, I broker out to FOAC so they aren’t a scam. But there are better terms out there.

@Eduardo Conde

If you plan to house hack the "normal" way, then no you cannot close or have title in a LLC. Homestead properties in a LLC is a no-no.

@Grant Schroeder who offers this if you don’t mind me asking.

@Michael Hooper

I would find another lender at this point. There are alternative lenders that can assist but your terms will more than likely not be as nice, such as a higher rate.

@Laura MacDonald

What state are these properties in?

@Ralph Ace

As stated there are lenders that require 6 months or more on title. There are also lender that do not require any “seasoning.” As a mortgage broker I can point you in the direction, you are welcome to send me a PM.

@Andrew Haney

With only a few months of history you are going to have a hard time finding a lender willing to use STR income as we/they typically want to see 12 months of history. That being said, conventional loans are still tough to find. Better luck finding a non traditional lender to assist with the refinance again, still would want a 12 month history to average.

You are welcome to send me a PM and I can go over some options for you.

@Skyler Smart

There are lenders out there that lend based on the property rent instead of your personal income. Normally requiring 20-25% down and a solid credit score.