All Forum Posts by: Tony C.

Thanks for the info!

At this point I'm considering either a cash out refi that Elizabeth suggested or primary residence rate/term refi. Long term, which one is typically less expensive? I'm looking to get a 80% LTV on it.

Is a HELOC or HEL even options for my situation (no existing liens on property)?

Wow nice. Thanks for the response!

If I classify as an investment property and intend to live there, would this be a problem with traditional lenders? Wouldn't they want to see evidence of rental income and lease for the approval process?

If I classify as primary residence, but already have one I live in about half the time, what effect will this have on my ability to get a loan? Are banks able to tell that I already have a primary residence?

I'm looking to pull money out of a mortgage-less property and use the money for other real estate investments. What's the most cost effective and tax beneficial way to do this? How should I classify this property (primary, investment, second home?) I would like to pull the maximum amount out while minimizing the cost. Should I go to a portfolio lender, conventional financing, use FHA loan financing (is this possible for a home you already fully own?), or some other type of financing? Assume I've been living in the home for > 6 months and will either continue living in it or rent it out.

Thanks!

Hello BP,

If one has a primary residence that has been rented out for more than 5 years, has an existing conventional 30 year fixed loan on it, and will continue to be rented out going forward..how can the same owner (who does not live in the primary residence) acquire a multifamily property with a FHA 203k loan? Assume that the owner will live in one of the multifamily property's units. Is it possible?

Thanks!