All Forum Posts by: Tim Lucas

Here's an FHA self-sufficiency test calculator once you have the future rent amounts dialed in. https://thisismortgage.com/fha-self-sufficiency-test-calculator/

I would think logically that the appraiser can complete the rent analysis "as completed". For a 203k loan, the appraiser completes the appraisal "as completed". The question is whether they will do the rent estimate portion of the appraisal "as completed" as well. I would assume so, but it's best to check with the lender to see how they interpret official FHA guidelines which read:

"Net Self-Sufficiency Rental Income is calculated by using the Appraiser’s estimate of fair market rent from all units, including the unit the Borrower chooses for occupancy, and subtracting the greater of the Appraiser’s estimate for vacancies and maintenance, or 25 percent of the fair market rent."

The question is what FHA means by "Appraiser's estimate of fair market rent." If I were a lender, I would say it means "as completed" fair market rent because how could you rent out units in their "before completed" state? I'm now also curious as to how lenders interpret FHA self sufficiency rules for 203k.

 Some of you are having a hard time finding the above referenced resource so the address is https://myperfectmortgage.com/investment-property-heloc-lenders-in-every-state/

Great! Sorry for the runaround! Sometimes my comments get blocked if I actually include a link or URL.

These are very cool loans. Never done one myself but have been researching them lately. You can house hack by buying a 2-4 unit and living in one unit. You can use the loan for a home on or off-reservation which is what really sets it apart from FHA. There's a lot more background work to do if buying on-reservation.

There are about 140 lenders nationwide that do them. It's a good idea to shop around for the best rate and fees. I have a complete lender list, calculator, and all the details about the loan here: https://thisismortgage.com/section-184-loan/

1-4 unit homes are eligible, says HUD. The house has to be a primary residence, but that just means you have to live in one of the units if it's a multi-unit.

There are around 140 lenders nationwide. I have a complete list on the write-up that I just did on these loans. Very cool program. Perhaps the biggest advantage is that they work on or off reservation. You can buy far away from the Tribe's land as long as you're a member of the Tribe. A lot of cool features, especially for house hackers.

Here's just about everything you might want to know. https://thisismortgage.com/section-184-loan/

Just seeing this post. I've been in mortgage for 20 years and just now learning about Section 184. Such a cool program. Lower down payments and mortgage insurance than FHA. Plus it's good on-reservation which FHA loans can't do. Lenders can't typically lend on trust land because the land is not able to be foreclosed on, so they won't touch it. Section 184 allows the lender to foreclose on the trust itself, not the land, so they are willing to lend. Very cool opportunity to encourage homeownership by Native Americans.

I just wrote a big write-up on the program and even created a calculator so you can estimate loan amounts and payments:  https://thisismortgage.com/section-184-loan/

Sorry, should have been more clear. Look for a site My Perfect Mortgage dot com. Should be the first non-ad result in Google when searching "investment property heloc my perfect mortgage"

Pen Fed doesn't do them any longer.

Google search "investment property heloc my perfect mortgage". I spent about 3 weeks putting together a list of investment property HELOC lenders in every state. Just can't link it here directly.

Pen Fed doesn't do them any more.

Google search "investment property heloc my perfect mortgage". I spent about 3 weeks putting together a list of investment property HELOC lenders in every state. Just can't link it here directly.