All Forum Posts by: Nick Versetto

@Nick Versetto If this is your 5th property then your only option for a conventional loan is rate-term. You can not do a cash-out refi with a conventional loan.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

I'm not asking for cash out. I'm asking for a link to the guilds lines that might help get a higher ltv than 50%. Thanks for the reply.

You may not need higher LTV it depends on what loan amount you're trying to refinance and what the current market value is right now.

If you're lower than 50% LTV anyway it wont matter as much. If you're higher then yes you may want to concern yourself with something called "continuity of obligation." This sets the rules for the LTV's when refinancing on property through fannie/freddie.

Freddie goes up to 6 financed properties now (as of 10/26/15 or after) and fannie up to 10 as always.

Thanks Albert. I'll be at about 70% ltv depending on the appraisal.

That's what I was looking for. 6 months sucks to hold a home that I used hard money to obtain but worth it for a fixed 30 yr.

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Originally posted by @Upen Patel:

@Nick Versetto If this is your 5th property then your only option for a conventional loan is rate-term. You can not do a cash-out refi with a conventional loan.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

I'm not asking for cash out. I'm asking for a link to the guilds lines that might help get a higher ltv than 50%. Thanks for the reply.

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p.s. I had planned on getting my 10 conventional before I had to do commercial type loans.

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@Brie Schmidt to save the day! I'll soon be in this situation but only because my hml won't lend to individuals moving forward. I can't blame him but it puts me in a position of having to refinance houses fast that I acquire under my llc. JOY! Lol

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Originally posted by @James Syed:

Welcome to BP.

I have series LLC. I get a commercial loan from a local bank with the following terms;

1. 5.25% Interest Rate

2. 20 Year Amortization

3. 5 Year Balloon

Now even though it's a commercial loan, I have to personally guaranty the payback and bank DOES report it all three major credit bureaus.

I see some people posting that if it's a commercial / conventional loan, the lender will not be reporting it to the credit bureau, I have yet to find one.

Hope it helps.

Can i ask which bank you've been using?

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Originally posted by @Al Wilson:

Better go talk to your lawyer before you get off into this. Good luck.

why's that? It's 100% legal. I own a member managed llc that I'm the sole owner of. It's in the guild lines I've found but shows I need to own the property 24 months to get 75% ltv otherwise it's knocked down to 50%.

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does anyone know the guild lines for a property I purchase under my llc, rehab, rent, and try to refi conventionally?

I know you're able to quit claim into our personal name but how long does the property need to be held to refinance?

I found something that said if under 24 months it's a max ltv of 50%. Is this correct? If you could copy the link from Fannie or Freddie I'd appreciate it.

Btw this would be my 5th property.

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big fan of cozy also for rent collected.

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All Forum Posts by: Nick Versetto

Nick Versetto has started 25 posts and replied 200 times.

Post: LLC to Individual for conventional refi help?

Post: LLC to Individual for conventional refi help?

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Post: LLC to Individual for conventional refi help?

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