All Forum Posts by: Rene Owczarski

@Ray Valdez Like I mentioned in a prior post, in depends on your localities rules, and if they are more stringent than the federal rules. Just looking at NYC as a for instance, occupation is a protected class under fair housing laws. So if you discriminated based on occupation in NYC it would be a fair housing violation.

@Kumar Gaurav No such thing as a no fee loan. And when lenders tell you "no fee" what they are really telling you is that all the fee's are being financed into the base loan amount or with a higher interest rate (so that all the fees are lender paid), so that you're not bringing cash to close to pay them. The give away that they are being financed into the loan, is when you compare the interest rate to the APR. The difference is your APR sensitive fee's that are being financed into the loan amount.

And temporary interest rate buy down before closing, and paying down principal after closing are two totally separate things.

Have you got some numbers, so we can see them side by side? Because it sounds like one scenario is at 70% LTV and the others at 80% LTV.

@Kumar Gaurav With a temporary rate buy down, it's not pre-paying on the principal with the fee amount. Your pre-paying the interest that would have been paid during that promotional period. So this looks like a bad deal for you.

@Mike McCord How are the four individuals holding title to the property? Is it joint tenancy in their individual names, tenants in common, in an LLC, etc. Since that'll dictate the strategy, on how to buy out some of the owners.

@Michael Barido For Iowa at this time, occupation is not a protected class for fair housing at the State level. And just quickly looking around at other jurisdictions around the US, it is a protected class. So definitely do your research, on where your rentals are located, so that you're following the law.

@Kumar Gaurav So then my next question is, are you going to save more than $50,000 in interest during the buy down period.

@Kumar Gaurav Would this be a temporary buy down on the rate (for a yr or two), or is this buy down for the life of the loan?

At 95% LTV, you're talking a 1-unit property.

So for Freddie, on a owner occ 4-plex purchase you're at 80% max LTV.

While for Fannie, on a owner occ 4-plex purchase you're at 75% max LTV.

DotLoop is another eSign option.

 You've got at least two options.
1) Start an eviction right now and get them out asap.
Or
2) If her lease ends in 60 days. You could give them a 60 days notice right now of non-renewal of lease. And if they holdover after the 60 days is up, start the eviction process the next day.

Either way, they have to pay to stay.