All Forum Posts by: Ratna E.

I use this 

https://renttoretirement.com/tools/

Crestcore manages my properties in Memphis, TN. They are good.

@Michael D'Alessandro Yes, there are variety of owner occupied options available. I spoke to different local banks for a 4-Unit property and they said I'm over the income limits of Fannie Mae/Freddie Mac 5% down conventional loan. The income limits are based on the county you are buying and you can check income limits on their website.

FHA is one of the conventional options I can go with with low money down. I will follow this thread to know more about creative ways of owner occupied financing. Thanks!

Also, in my personal experience, offers with FHA loan(or a low money down in general) financing doesn't seem attractive for a seller. I may be wrong here but this is what I'm seeing in my market from last 6 months. I would like hear what other BPers thoughts are on this.

@Teresa Machi Congrats! Very well done.

Thank you everyone! You guys rock!

@Shaun Weekes, @Paul Defngin I will definitely consider 401K and IRA money plus lender credit to lower the gap.

Thanks for the responses guys. 

@Harjeet Bhatti It is just a matter of $5k-$10k of funds for closing. I don't want to involve a partner for this deal. 

@Yvonne H. Sure, I will definitely consider doing a cash advance from a credit card. Will the sudden increase of $10k in my debt balance effect by chances of loan approval?

@Caleb Jordan I'm short of $5k-$10k on closing costs. I have the 6 months of reserves covered. I have couple of friends who are willing to lend me the money. Question is, will the lender approve the money I borrowed during the under writing phase?

@Harjeet Bhatti Thank you for the response. I don't have a 401K and I'm also not looking to cash out refinance my other properties which at this moment doesn't hold much equity. I'm assuming HELOC comes with certain fees and also my monthly payments will increase. Please correct me if I'm wrong.

@Saravanan Saravanan Thank you for the response. Yes, this is an investment property with 20% down. I will definitely talk to my lender about the limits they have on the dollar amount I receive as gift that I can use for down payment. 

Are there any other ways? Can I borrow money from family and friends and tell the lender that they are returning the money they owe me? Appreciate your help!

Regards,

Ratna

Hello BPers,

I can't thank BP enough for the motivation it gives me every day to pursue my real estate dream. It is a great platform to learn and be motivated.

I'm in a situation where I'm under contract on a SFH and I'm little short of funds. I haven't talked about it with my lender yet but I've read online that gift/borrowed money from friends and family will not be approved by the underwriters under Fannie Mae or Freddie Mac guidelines. As the lender usually asks for 60 days of bank statements to make sure the funds are mine, how can I show the money I received in the proof of funds.

Has anyone been in a similar situation before? Please help.

Thanks,

Ratna

Got u. Thanks Michael!

@Michael Doherty Thank you for the reply. I'm in kind of a similar situation of @Alexander Ball, I have few high net-worth friends who are willing to lend me money. So, is there a way I can get a conventional loan with 25% down still showing the money I borrowed from friends and family in the bank statements?

Thanks!