All Forum Posts by: Ryan Lee

Public Record bedroom number is different than the advertised bedroom number.
For instance, Public record and tax assessor says 4, while advertised bedroom number on MLS/listing is 5.

The listing agent insists that the bedroom number is correct and that assessor and public information are wrong.

What steps do I need to ensure that the advertised bedroom number is correct?

My concern is that they added a room without permit(Not permitted work).

Thanks. Is it 12 months of just owning the property or 12 months of current/existing loan? People refinance the loan all the time. Fannie Mae's wording is a bit ambiguous. 

Per Fannie Mae, "If an existing first mortgage is being paid off through the transaction, it must be at least 12 months old at the time of refinance, as measured by the note date of the existing loan to the note date of the new loan. This requirement does not apply."

 Yeah I understand. I'm most curious about the 12 month cash out refi requirement for Fannie Mae.

Per Fannie Mae, "If an existing first mortgage is being paid off through the transaction, it must be at least 12 months old at the time of refinance, as measured by the note date of the existing loan to the note date of the new loan. This requirement does not apply."

I'm wondering if this is from purchase date of a property, or is it from the current loan. I owned it for over 12 months, but I did 2-3 refinances, so the current/existing loan is only about 1-2 months old.

Thanks. I may be interested.

So if I wanted to do conventional loan refi cashout, is it 12 months from date of purchase or 12 months with the same lender? I owned it for 12 months, but did 2 refinances in between.

Hi,

I'm thinking of doing Investment Property conventional Refi.

I had my current loan for about a month, and previous loan for about 2 months. I did refi on these.

Is the requirement now to hold the current loan for 12 months(or time since buying property?) to do the cash out refi, for conventional loans like Fannie?

Also, we can take out up to 75% of equity? So, if we have 50% equity, we can take out 25%?

Oh ok, that is a good clarification. So, if I am receiving regular rental income, payroll deposit, and such that can be sourced, it can be immediately used and does not require the 60 day period, correct?

For conventional loans via Fannie, I know that there is a 60 day seasoning for downpayment funds for conventional loan. 

If you're receiving income from your W-2 employer, do these paycheck funds need to meet the 60 day seasoning or are these immediate/future paycheck fine to use?

For instance, say you have 90k in your bank account, which you had it for 2 past bank statements on January 1st. You receive next paycheck of $10k tomorrow on the same bank, on January 2nd and January 16th. Say you entered into contract on January 1st and escrow closing on Feb 15th. 

Does lender factor in that next paychecks(January 2nd/16th funds) so that you can use 100k or 110k(two 10k from recent/new paycheck so no 60 day seasoning) or is 90k the only funds you can use for downpayment/reserves?

 LTR. 1 year or more lease

Are the difference in rates for 25% down and 20% down?

I see for Fannie Mae, investment properties, people can do as low as 15%.

I'm wondering if rates are significantly different for 25% vs 20%.

Hi,

In the home purchase contract we have(I'm in Nevada), it's indicated that seller will pay for home warranty and cover coverage of $600.

1. What happens if I buy a coverage for like $500. Will they pay $500, and $100 will be paid to me at escrow? Or is this $100 gone?
2. What happens if I don't purchase it. Can I get cash via escrow(they pay advance) and buy coverage later on with $600?

Thanks