All Forum Posts by: Shaun Weekes

Hello Ugochukwu,

Has your mix been going on for more than 2 years? If so you should be able to get financing. Also since you're self-employed is your 1099 on your schedule C? If it is Freddie has a program for self-employed borrowers that only requires 1 year of tax return.

Find a really good Loan Officer to structure your finances so that you'll qualify. It sounds like it there and just needs to be massaged correctly.

I hope this helps and have a good one.

Hello Cal,

You can combine income as long as you have had 2 years on your primary job and 1 year on your part time job. 

If the length of time is lower then you have to wait for conventional.

If it's FHA financing then they require 24 months of work history and PREFERABLY in the same field. So if you had a gap in employment for 12 months you'll need an LOE ( letter of explanation ) and 1040's going back 3 years. As long as it all makes sense you're good to go.

Hello Mason,

Are you self employed or a w2 wage earner?

Hello Cody,

If you're living in the home and you want to do conventional financing it won't work becasue Fannie and Freddie won't allow this.  So you'll have to find a lender that holds the note.  They can and will make exceptions for these types of scenarios.

Hello Joe,

You can get financing for 90% with an 80% first loan and 10% second loan.  This would mean you would only need 90K down which is a lot easier than 200k.

Cody,

If this was an investment property you could count income right away.  No 2 year waiting period.  I wrote a blog on this a couple of months ago which will understand how this works.

Since this is your owner occupied home no conventional lender could sell this to fannie or freddie.  So you would have to find a portfolio lender or private or HM.

I hope this helps. 

Sean,

Most banks sell the loans off and if you're waiting 6 months you'll be fine. Heck even if you waited one month you're not going to hurt anyone’s feelings.

If you were happy with the bank use them again so they get the business. And if you weren't happy with them take your business elsewhere.

At the end of the day refinancing after a 6 month period is normal so your bank won't frown upon this transaction.

I hope this helps and have a great day Sir.

@Chris Parker @Account Closed 

I wanted to chat about the 2 year rule in regards to rental income. If you do a loan through Fannie Mae you can use rental income the next day. No 2 year waiting period is required. If you use Freddie mac then there is a 2 year waiting period. I wrote a blog on this a couple months back.

The bank that told you this has OVERLAYS or the loan officer isn't aware of this rule. It really is imperative that you have a loan officer in your corner that knows the rules and or has a great support team (processing, underwriting and a major decision maker at his/her disposal)

In regards to your plan I think it's great and just remember that a lot of lenders don't go under 50K to lend.

I hope this helps and good luck sir. Have a great day.

Blake,

And just to be clear if you could get conventional financing it would be 4 loans not one.  It sounds like you have 4 apn numbers.

Blake,

A commercial or blanket loan would be a lot cheaper for you.

This is listed as a townhome but if it's a condo these are difficult to finance in Florida. Plus if there is an HOA you're not going to be able to finance this through conventional financing because the owner occupancy is less than 50%. You're living in one and the other 3 are n/o/o.

Another thing is you need to see if this an approved VA condo association (if it's a condo and has HOA dues)

All and all I would look into a blanket or commercial loan for this one if you need to close quickly. If you have time to do the proper research then there’s a chance you can make this work. But you need all the correct information so that you can make the right decision for you and yours. You can also pull title to see when the owner last took out a loan. That will tell you if this home has been financed with conventional funds in the past.

Keep us posted I'd like to know what you find on this property Sir.