All Forum Posts by: Upen Patel

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• Direct Lender
• In house processing and underwriting
• VA 0% down, NO loan limit
• NO DTI Max - Based on AUS approval (just closed one at 65% DTI)
• Rates as low as 2.25%
• 1-4 unit residential
  

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Rate as of 7/30/2020. The information contained is subject to change without notice.
Terms and conditions may vary. Subject to underwriting approval.

Member FDIC and Equal Housing Lender.

There might be some confusion about what is a conventional loan. You might be confusing it with government backed loans (FHA, VA, USDA).

Conventional loan = Fannie/Freddie loans. For that as an owner occupied purchase the lender is generally right. Min down is 15%. Under some very specific conditions you can get a conventional loan with just 5% down.

If your transaction doesn't qualify for a 5% down conventional loan, then you would want to look into FHA 3.5% down.

Find a lender that can:

• Go to 50% DTI for agency loans
• Can use 75% of rental income on purchase and/or recent purchase that's not on a tax return 

If you are buying a good cash flow property and the lender can do these two basic things, then the purchase should work out. Of course there is lot more that go into review/underwriting, so don't want to say that it's a slam dunk.

@Jonathan Davila Are these 1-4 unit residential properties? Are you willing hold title in your name? If the answer is Yes to both, then you might be able to refi the properties into a conventional 30 yr fixed. There is lot more then just that. Speak with a goo mortgage banker and you can go from there.

Good luck.

@JD Bock What is your earning situation in the US? Salary or 1099/self employed? If salary, then you should be fine once you get your tax situation sorted out. If 1099/self employed, then you will need to reestablish 2 yr of income history to be able to qualify.

You can certainly refi your primary as a primary home. Just keep in mind that you sign a document at closing and make a commitment that you will owner occupy the property for 12 months. After that you can rent it and there is no harm. On the other hand, if you intend to do the refi as an owner occupied primary and then turn around and rent it out, then that's mortgage fraud. You might not get caught. But if you do then you will not like the outcome.

Hey! @Jim Anza If you intend to using the property for your self and rent it out when you are not there, then you might be able to buy it using a 2nd home loan with 10% down. It will depend on your real estate profile. If you are buy it just for investment purposes, then you want to buy it with an investment mortgage.

@Manasseh Arnold do speak with other lenders, but no just to "shop". There will always be someone out there who is going to be willing to give you a lower rate. They are competing on rate because they can't compete on anything else, i.e. service, skill, etc. If you find a lender that you like and they are offering a competitive rate, stick with them. You don't want to pick a lender for a low rate and then they give you a heartburn during the loan process.

You stated that you are looking to buy an investment property. And you also stated that you would like to use your VA benefit. You can only use your VA loan for an owner occupied purchase. You can certainly buy a 2-4 unit residential property, live in one unit and rent out the other units. A good lender should have had a conversation with you and explained these things to you.

Good luck

Hey! @Dillon Rachman What are you? Realtor? Lender? Hard money lender?

Doing loans for Co-op is very tricky. Co-op is ONLY for owner occupied purchase. The Co-op board holds the decision as to who can buy. They will interview the buyer and can deny them. The Co-op board also hold the authority as to the type of loans they will allow and the lenders they will allow. If you are a hard money lender, then you are out of luck.