All Forum Posts by: Shaun Weekes

You can get a primary from Fannie in the scenario that you're describing if you qualify of course. You can have 10 loans that are investment and number 11 can only be for your primary residence. Below are the guidelines direct from Fannie Mae for your reference.

https://selling-guide.fanniema...

I hope this helps and have a good one.

 Principal, Interest, Taxes & Insurance

You should already have a quote from your contractor so just have him/her fill out the form in detail. Once they're done you can send that to your HML with all the other information requested and move forward with your rehab.

I hope this helps and have a good one.

If you're looking to cash out on a BRRRR using Fannie Mae financing, coupled with the full ARV (After Repair Value), you will need to wait 6 months in order to get new appraised value. The only way to get a refinance done via Fannie Mae financing before 6 months is if you pay cash for the home. Then you can use the delayed financing option. This option will allow you to refinance the home using the ARV immediately if you qualify.

I hope this helps and have a good one.

The numbers seem quite good. You might have been able to negotiate the points but the loan amount is lower so it wouldn't have been a significant difference in fees. On top of all that if your number work, I would start concentrating on executing your plan to earn income from the property. 

Good luck and take care, I hope this all helps.

What type of property is this (SFR or MF) ?

Is this a primary home, second home or investment property?

What state is the home in?

After you answer these questions, I can better answer your question.

Your best option will be working with a local small bank. This loan amount coupled with an LLC has small community bank written all over it.

If you're looking for rates under 6% on a 4-unit investment property your best bet is to find a local, small bank in KY. Preferably, the city that your investment is located in.

Fannie Mae and Freddie Mac will allow unpermitted ADU's. They will look for the appraiser to mention the condition of the ADU and if it's been completed in a "workmen like manner " or " Craftsman's like manner " you shouldn't have an issue. If it's falling over and was constructed in poor manner you could potentially have problems. Pay attention to your home inspection report within your 10-day inspection contingency period in case you need to pull out of escrow.

I hope this helps.

No, you can't unfortunately. Here is the guideline below for your reference.

 https://selling-guide.fanniema...