All Forum Posts by: Upen Patel

@Evan O'Brien Which technically you can get a Fannie/Freddie 2nd home loan with just 10% down, good luck finding any workable rate/points. Rates for 2nd home and investment properties are very very bad right now. My bank has launched a portfolio loan that would allow a qualified individual to buy a 2nd home loan with just 5% down, No MI and very attractive rates.

You can't use borrowed funds for any part of a traditional loan (down payment, closing cost, reserves). And loan programs have CLTV (Combined LTV) limits, so you would can capped out there as well.

Thanks for the tag @Russell Brazil

Hey! @David A Lisowski I am a mortgage banker. Would be happy to speak and share my insights.

• Product: 3/1 ARM
• Fees: All loans charged 1 (origination) point and $1,338 lender fees
• Investment Property: Single-family, Warrantable Condo, PUD, 1-4 unit
  
• Loan Amount: Conforming and High-Balance (based on county loan limit)
• Loan Purpose: Purchase or Rate/Term Refinance (NO Cash-out)
• NO MI

If you would like to have a discussion, then please grab time on my calendar - https://calendly.com/upatel

You can submit your loan application at - http://apply.thefederalsavings...

I Lend in ALL 50 states!

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Terms and conditions may vary. Subject to underwriting approval.

Member FDIC and Equal Housing Lender.

Yes, I can still do cash-out refi for investment. 

If you would like to have a discussion, then please grab time on my calendar - https://calendly.com/upatel

This is an issue with an incompetent appraiser. Has nothing to do with an appraisal being done before 6 month seasoning. An appraisal is done the same way, irrespective of the seasoning.

Have the lender appeal the appraisal and provide a detailed bullet list along with comps. If the appraiser doesn't agree to make chances, then ask the lender to do a 2nd appraisal.

Appraisal is a human process, so it is likely to have a variance in value, but it still does follow a certain set of guidelines.

Hope this helps.

I just closed a $1.6MM VA purchase loan for a 4-unit, 0% down, 65% DTI (yup, that's not a typo).

Contact me for your success. I deliver with I promise.

If you would like to have a discussion, then please grab time on my calendar - https://calendly.com/upatel

You can submit your loan application at - http://apply.thefederalsavings...

*************************************************

The information contained is subject to change without notice.
Terms and conditions may vary. Subject to underwriting approval.

Member FDIC and Equal Housing Lender.

When you go in with intent to violate the requirement, its mortgage fraud, a federal crime. FBI might decide to enforce the orange jumpsuit.

@Roger Evans Agencies guidelines and enforcement's change all the time. Agencies want to support home ownership and investors, but they are not interested in supporting investors buy investment properties with low down payment under the disguise of owner occupied purchase. 

For an owner occupied purchase the expectation is that you are moving up/forward. Moving from a 2-unit to a 3-4 unit is moving backwards. In the same market this would be a guaranteed denial. You might be able to move to an another 2-unit if there were legitimate reasons (e.g. closer to work, better schools, your family has grown and you need more space, etc.).

There are no restrictions to you buying the multi-unit as an investment purchase and the needed down payment.