All Forum Posts by: Nic A.

Saj,

Really im trying to be nice but peoples lack of knowledge thus far is really disappointing. You've unfortunately just lumped yourself into the category of having to be schooled as well. Residential lending is up to 4 units. rarely, less than 1% of the time, do residential loan officers do both types of transactions. 5+ units is commercial. 1-4 units is residential. I am not a commercial loan officer. FHA, conventional, VA, and Jumbo all traditionally fall into 1-4 units which I do. Thus why this FHA conversation is beyond stupid and worthless to the OP. Maybe every once in awhile people (me included) need to be put in their place.

On a side note, the real estate industry, is starting to look a little like 2006. Guidelines sure are gettin loosy goosy. 

This has to be a joke. You dont deserve a response at this point. You're so off basis from the OP. Nothing about my OP said anything about a FHA loan. May god have mercy on your soul.

Can the moderator please shut this thread down?....ill just restart it. 

@Jeff B. what is your question that you dont get? 

bahahhaha!!! love it

In the future please respond to the question and the question only. I am a lender, I also flip and buy properties so it makes perfect sense. Ive done almost a half a billion in mortgage volume encompassing all 50 states. Thank you for the FHA guidelines but im all good there.

I understand what im asking is not the norm but I want to see if its out there. I wouldnt preface it the way I did if I didnt have some knowledge of finance. 

Thank you

Looking for a 10% down 5+ unit lender in Arizona. Primarily looking at an apartment. I am really looking for one that is not requiring seller carry back but I am interested in those as well.

Thanks!

Pull your head out of your *** and dont use big banks. I used to work for Wells and Bank of America. They treat you like a number and wont treat you like a valued client. Get a smaller regional bank, not even a midsize, and they will work with you without the headaches of all the compliance BS big banks do. PS I am Loan Officer for one of those smaller banks and I can do all 50 states. PM me. Its not biased. Its a fact. 

I am a Loan Officer who has done roughly 1500 loans in the last decade. The reason it costs so much is because its Florida. Everything about FL is pretty spendy when it comes to housing. Insurance sucks because of hurricanes and flooding. HOA doesnt help. No state income tax so higher real estate taxes. I am one of the few Loan Officers that has done a loan in all 50 states. New York and Florida are pretty much the two worst states to do business in because of how expensive it is. NJ is a close 3rd. Ask your Loan Officer why you cannot do a conventional #1 and then ask about Lender Paid Mortgage Insurance. Conventional mortgages only require 3% down these days. Yes the rate will be higher but your payment will be lower overall.

Can someone help me as to where I can find leads to flip properties? I have done 3 successfully through friends and the MLS but I am trying to step this up a notch.

Thanks! 

I know this post is relatively old but I found it. I wanted to make sure no one is going in the wrong direction for todays guidelines. FHA Flip rules have chanced and as of March 2016 no longer allow for less than 90 days between purchase and sale. 90-180 days requires two appraisals.