All Forum Posts by: Upen Patel

That would fall under the category of "life event" and then you would be able to get an owner occupied loan. Though I should point out that its not as simple as saying that I am moving. You will still have to convince the mortgage banker and underwriter that you are trying going to move, that your income will be still there, etc.

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@Ricardo Navarro As @Jaysen Medhurst stated, since you got the refi done as an owner occupied your 12 month clock was reset. Unless there is a life event you wouldn't get an another owner occupied loan in the same market.

@Renzo D. @Greg Moran

You can get a streamline refi on a VA (or FHA) loan even if the property is now an investment property. The owner occupancy requirement only applies at the time of original loan issuance.

There might be a rate difference between an owner occupied refi and an investment refi, so you still do need to clarify that on the refi loan application.

IRRRL stands for Interest Rate Reduction Refinancing Loan. Generally speaking this is tied to streamlined refi for government backed loans (VA, FHA, USDA), where you can refi an existing loan into a lower rate without much hassle.

I think what you are referring to is refi from a VA into a conventional (Fannie/Freddie) loan to free up your VA benefit. With the rates going down recently, you might happen to lower your rate, but that is not an IRRRL. Just wanted to clarify.

@Ben Hunt Hard money is for investment transaction, they don't loan on an owner occupied property. There might be portfolio lenders, they will look for a lot more then 5% down, and there would be points involved. If you are limited on cash, then your best option is to work backwards into a loan limit/purchase size.

There are many loan options available to install an ADU on a property currently owner OR on a new purchase.

• Cash - I know this is strange coming from a mortgage banker, but if you have the cash and you see this is as a valid use, then go for it.
• Cash-out refi - with rates being as low as they are, this is be best route for a property you own and have a lot of equity.
  
• HELOC - if you currently own, have some equity but cash-out alone will not get you the cash needed to install an ADU
• Renovation loans - can be used on current property or new purchase - keep in mind that you do have a loan MAX
• Construction loan - can be used on current property or new purchase - this would act as a bridge loan to allow you to finance the ADU install using the future value (ARV) and rent, and then at the end refi into a 30 yr fixed
  

@William Eric Schaefer It seems like you are willing to transfer the title into your name. In that scenario your DTI shouldn't be an issue if you have a good cash flow property. Find a mortgage banker that will give your 75% rental income credit. That should offset your new mortgage payment, so there should be no impact to your DTI.

Good luck.

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