All Forum Posts by: Jesse Gonzalez

Lenders place verbiage in their notes specifying that the note can be called due if ownership transfers, they may or may not invoke their right. It doesn't mean anything to the quit claim deed or your ownership of the property. It just means that they may accelerate the note payoff date and call it due. I don't know about FHA and the 203K product with regard to the continuity issue. I'll look into it, and maybe somebody else who knows can chime in.

That isn't' necessarily true, you have to have a two year work history, but can be self employed for less time.  If you were to have your loan run through the automated underwriting systems of fannie and freddie it is very possible that you will only have to provide one year of tax returns to qualify.  Its impossible to tell without you actually having somebody do that for you.  

Start building long lasting relationships with real estate agents now.  It will pay dividends into the future.  Keep on them and make yourself known as the go to loan agent.  Communicate to the extreme with them when you have a deal of theirs in your pipeline.  If you make one new referral partner relationship a month with a realtor you'll be doing well with solid purchase and refinance business very quickly.  Forget the books, get some real experience working at a call center pushing out large volumes of loan business, you'll learn more in a couple of years doing that than you will reading books.  

Seems like a lot, especially if the owner is financing, but I don't know the laws with regards to predatory lending in your state.  Maybe its a deal where the seller can't offer you a balloon note if you don't have the ability to repay?  

Yes, there are, but I don't know of any in your area.

My MLS has a trends area that shows months of supply, etc. I don't know if that's what you're looking for specifically, but in general the MLS is pretty detailed with that type of historical data. My has median sales price data going back over a decade, so that's nice.

Sure, you can buy subject to the existing financing.  Here's a good article from this site on subject to purchases.

https://www.biggerpockets.com/renewsblog/2013/03/2...

You could get a loan, fannie mae no longer has a continuity of obligation requirement.  Now, the property has to be eligible for fannie mae financing, when you say a rehab loan are you just saying you want to modernize the house or is totally unlivable?  Also, with a quit claim deed you probably won't have any issues with title insurance, but a grant deed may have been the best.  Also, make sure the existing mortgage does not have a due on sale clause, which it probably does.  Your existing lender may have an issue with the transfer of ownership.  

I wouldn't worry about presenting proof of funds to the seller that are not in the name of the offering entity, they shouldn't care where the funds are coming from, but if it's an issue I'd just write a letter explaining that you have outside investors and that the name on some of the proof of funds will not be in the name of the LLC, but in the name of investors. How you structure the deal internally is not something I can comment on, but that's the way I'd present to the seller.

NMLS- 278103

BRE-01855372

Well, you could always get your COE and see how much you have left to use on another property while keeping the existing VA loan. Highly unlikely you'd have anything to use, but you never know.

You can refinance out of existing loan into a conventional fannie mae or freddie mac loan now if you prefer, I believe you meant to say you purchased in 2015 right?  You would need a new appraisal, you can get a conventional loan up to 97% loan to value, this would carry some type of mortgage insurance, whether it be paid by you or lender paid.  

NMLS- 278103

BRE-01855372