All Forum Posts by: Shaun Weekes

Hello Jason,

So FHA is very specific with when you can actually have 2 FHA loans ( Yes this is posible ) and from what I understand from your post you have a couple of options.

- You can have your mom refinance it into her name only if she can qualify for it.

- Because you moved out and are renting it to someone else you would need 12 months of cancelled checks proving that you're not making payments. Then you could get another FHA loan if you were a co signer and this is the only scenario where you can have more than one FHA loan.

-You can get a conventional loan as long as you have at least 5% down ( 20 or more you'll avoid mortgage insurance ) and again you would have to get cancelled checks for 12 mths showing that  you're not paying the mortgage.

- The family member living in the home could purchase it if they qualify as well. 

You have a lot of options on this one.  If you have any more specific questions ask or email me Sir. 

Yes as stated above you will have to show proof that you have been getting tips for the past two at least.  A VOE ( verification of employment ) will prove this from you HR department and from there you should be golden.   Have you been working there for 2 years at least?

FHA and Fannie will allow you to use the rents as income if you're buying a home. Two years experience is not needed for this two but it is required for any Freddie Mac loan.

So if you buy a 4 unit and the rents are 4K you can use 75% of that income or 3k

Say your total bills are 2k and you make 3k. Your DTI would be 66% but now with the extra 3K from the purchase you now make 6K and you DTI 33%

So Mr. Holdman you are 100% correct if you're doing the loan through Freddie. And in addition if you're going FHA or Fannie you can use the rents right away.

Pretty kool :)

Can you give me some more details about financing? With the HML you probably have 20-30% equity in the home. Is this the only source of income or do you have a wage earner job or have you been self employed for at least two years. Get back to with a PM and I'll see what I can do for you. We have 31 days from today so we can get this done if we structure the loan correctly and you have the above mentioned.

Hello Jacob,

In regards to refinancing you're going to have to give a bit more information.  How long have you been on title.  If it's been more than 6 months you should be able to refinance at the new value.  However it all depends on the lender and if they have any overlays to the fannie and freddie guidelines.

But typically with six payments and being on title for that same amount of time you will be fine. If you do an FHA loan it's only a 90 days requirement but you may need two appraisals.

Let me know your scenario and then I can let you know more options Sir.  Have a good one.

Hello Andrew,

Yes.

We have portfolio products and regular conventional and government products.   We do more conventional loans but we also have a great deal of Portfolio volume.  Our Portfolio stuff is really outside the box which works out great for people with a lot of cash and can prove it with bank statements.  If you write everything off typically banks can't help you but I would be able to if you meet all the requirements.

Give me a call or ask me anything on here so that I can help you out Sir.

Hello Cal,

I'm licensed in all 50 states and I do these types of rate and term refinances everyday.  If you need help I'm right here for you :)

Everything that has been suggested is great but you don't need any rental experience per Fannie Mae to obtain a rental.  Freddie Mac requires 2 years of history however.

If it's an SFR that you're looking for then 20% across the board is standard and when you start looking at units ( max 4 for conventional financing ) the down payment will change depending on if you use fannie or freddie for your loan.

I hope this information helps and if you have any questions please ask and I'll do my best to help you out.

Right now if you get with a good experience Loan officer it shouldn't take more than 21 days after you recieve the appraisal to close on any type of conventional or Government loan.

If you're looking for cash out and the loan amount is lower than 75K I can't help you but a local bank will be your best bet Daniel. This should be a simple process.

If you have any questions let me know and I can guide you through it if you'd like as well.

Welcome Zack,

I'm new as well here and I love the content so far on this site.

If you need any assistance with financing let me know and I would be happy to assist you.

Good luck and keep the dream alive :)