All Forum Posts by: Upen Patel

@Andrew Campbell you have passed the threshold of 4 properties to be able to do a cash-out. Fannie Mae will not allow cash-out once an investor has 5+ conventional loans. Only Rate-Term refi is allowed. You can refi to a non-conventional lender to do a cash out, and then refi to a conventional in 6 months (at the higher loan amount as Rate-Term).

Or as @Jonathan Towell mentioned, find a local banker who might give you a cross collateralize credit line.

Good luck.

Upen Patel

Federal NMLS# 1374243

1 Vote

New Member Introductions

Post: Colorado work horse looking for knowledge & financing!

Upen Patel

Posted September 10, 2015 04:53

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Brian Doble As they say, better late then never. Welcome to BP.

Upen Patel

Federal NMLS# 1374243

0 Votes

@Timothy Lewis Welcome to BP. Great to see someone for Metro DC.

Upen Patel

Federal NMLS# 1374243

0 Votes

Buying & Selling Real Estate

Post: Mortgage on owner occupant primary residence

Upen Patel

Posted September 09, 2015 18:00

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Sarah McCoy If there is a tenant in the 2nd unit already or if you can get a least for the 2nd unit before closing, then 75% of the rental income can be counted.

Upen Patel

Federal NMLS# 1374243

0 Votes

Buying & Selling Real Estate

Post: What interest rates is everybody getting?

Upen Patel

Posted September 09, 2015 17:52

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Senad Salihovic Interest rate is a combination of your Loan size, Credit Score, Loan LTV, DTI, Source of income (to list a few main pieces). So while it is good to know what others are getting, it gives no indication as to what rate you will qualify for.

Upen Patel

Federal NMLS# 1374243

1 Vote

Buying & Selling Real Estate

Post: Looking for info on mortgage rules, using hard money, and refi

Upen Patel

Posted September 09, 2015 15:00

Lender
Nationwide Lender
Posts 1,841
Votes 801

Hey! @Jarrod Rayner I though you had moved. Hope everything worked out with the house in Stafford.

A refi is a refi. Nothing special about doing a refi away from hard money. If its an investment then you will get 75% LTV. If its a primary home, then you can get higher LTV. All other mortgage qualification criteria apply.

Upen Patel

Federal NMLS# 1374243

0 Votes

New Member Introductions

Post: First time posting/long time listening

Upen Patel

Posted September 09, 2015 14:02

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Matthew Valenzuela Welcome to BP. Sorry to see you leave Metro DC.

Upen Patel
Federal NMLS# 1374243

0 Votes

@Landon Dean As the name suggests, Portfolio Loans are loans that a lender holds onto in their portfolio. Most loans done by any lender (big or small) are bundled and sold of to investors in the market.

The size of the portfolio loan would determine the type of lender you would want to look for. Portfolio loans typical need more down and carry a higher interest rate.

Why are you looking at a portfolio loan when you only have 2 loans. Fannie Mae allows an individual to have up to 10 loans. The underwriting get harder, but it can be done. You should try to us the conventional loans as long as you can.

Upen Patel, Mortgage Banker

National Lender, Federal NMLS# 1374243

2 Votes

@Mike Kinder Welcome to BP... and a bit delayed welcome to the crazy zone we call Metro DC. :-)

Wow, a lot of experience. I am sure you will do great. I am like you, I can execute, but need help on some other aspects. Have you considered partnering with your opposite skill?

Good luck. And keep us posted.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

0 Votes

All Forum Posts by: Upen Patel

Upen Patel has started 49 posts and replied 1720 times.

Post: Best Way To Pull Out The Equity From Our Portfolio Is...?

Post: Colorado work horse looking for knowledge & financing!

Post: Ready to Dive In in Washington, DC

Post: Mortgage on owner occupant primary residence

Post: What interest rates is everybody getting?

Post: Looking for info on mortgage rules, using hard money, and refi

Post: First time posting/long time listening

Post: Portfolio Loans

Post: Investor from Virginia DC Metro Area

Post: Investor from Sykesville, MD

Upen Patel has started 49 posts and replied 1720 times.

Biggerpockets Logo Post: Best Way To Pull Out The Equity From Our Portfolio Is...?

Biggerpockets Logo Post: Colorado work horse looking for knowledge & financing!

Biggerpockets Logo Post: Ready to Dive In in Washington, DC

Biggerpockets Logo Post: Mortgage on owner occupant primary residence

Biggerpockets Logo Post: What interest rates is everybody getting?

Biggerpockets Logo Post: Looking for info on mortgage rules, using hard money, and refi

Biggerpockets Logo Post: First time posting/long time listening

Biggerpockets Logo Post: Portfolio Loans

Biggerpockets Logo Post: Investor from Virginia DC Metro Area

Biggerpockets Logo Post: Investor from Sykesville, MD

Post: Best Way To Pull Out The Equity From Our Portfolio Is...?

Post: Colorado work horse looking for knowledge & financing!

Post: Ready to Dive In in Washington, DC

Post: Mortgage on owner occupant primary residence

Post: What interest rates is everybody getting?

Post: Looking for info on mortgage rules, using hard money, and refi

Post: First time posting/long time listening

Post: Portfolio Loans

Post: Investor from Virginia DC Metro Area

Post: Investor from Sykesville, MD