All Forum Posts by: Upen Patel

@Joe Val If you have a lease on the condo and verification of security deposit and 1st month's rent, then 75% of the income can be counted depending on the type of loan you are getting. Most conventional loans allow it. If you are getting a FHA or VA loan, then you will not be able to use the income.

Upen Patel
Mortgage Banker
National Lender, Federal NMLS# 1374243

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Private Lending & Conventional Mortgage Advice

Post: FHA loan question

Upen Patel

Posted September 05, 2015 14:58

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Nationwide Lender
Posts 1,841
Votes 801

@Kendra Howard Yes you can keep the current house, make it a rental and get a FHA loan for your new purchase.

From what you are saying you don't look to be a qualified landlord, so you will need to have enough income to be able to service both the mortgages. FHA will likely also ask for 2-3 (can be up to 6) months of cash in reserve to cover the two mortgage payments.

Upen Patel

Mortgage Banker

National Lender, Federal NMLS# 1374243

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Creative Real Estate Financing

Post: Using a VA loan when you have an FHA

Upen Patel

Posted September 05, 2015 11:13

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Nationwide Lender
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Votes 801

@Account Closed Thank you for your service.

As long as you have meet the FHA loan occupancy requirement (which you have), you can use your VA benefit to buy an another property as long as you will occupy it. VA (just as FHA) has strict guidelines on how is allowed to count rent as income and how much. So depending on your specific situation, you might or might-not be allowed. If you are not allowed to count rent, then you will have to qualify for the total debt on your own income.

Upen Patel

Mortgage Banker, VA Loan Specialist

National Lender, Federal NMLS# 1374243

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Private Lending & Conventional Mortgage Advice

Post: Middle Georgia Portfolio Lender

Upen Patel

Posted September 05, 2015 07:18

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Nationwide Lender
Posts 1,841
Votes 801

@Amy E. What you need is a Fannie Mae direct lender that does not have internal restrictions of 4 loans per borrower. Fannie Mae allows for up to 10 loan per borrower. You are not where close to that, so you don't need to jump to a portfolio/commercial lender.

Upen Patel

Mortgage Banker, VA Loan Specialist

National Lender, Federal NMLS# 1374243

0 Votes

Mortgage Brokers & Lenders

Post: ? About Michigan Conventional Mortgage

Upen Patel

Posted September 04, 2015 13:20

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Nationwide Lender
Posts 1,841
Votes 801

@Barbara Bruce If the offer is for $130K and the contract does not say anything about the property having to appraise for the purchase price, then the buyer is on the hook to close the gap. Mortgage will be based on the appraised value, lets say its $125. So the buyer will need to put the needed down payment + $5,000. If the buyer refuses to do so then they would be in breach of purchase contract and would loose their earnest money deposit.

On the other hand, if the contract calls for the appraised value to be at or above the purchase price, then your sister will either have to lower the price or let the buyer out of the contract and return the earnest money deposit.

Good luck.

Upen Patel

Mortgage Banker, VA Loan Specialist

National Lender, Federal NMLS# 1374243

0 Votes

Starting Out

Post: VA loan process for a multi family in Richmond, VA

Upen Patel

Posted September 03, 2015 14:46

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Nationwide Lender
Posts 1,841
Votes 801

Originally posted by @LaShelle S.:

@Upen Patel Thanks so much for the answer. Does it matter at all if I get the home inspection first or the appraisal or is that schedule set by my lender or the VA?

The appraisal is ordered by the lender. The home inspection is up to you.

Upen Patel

Mortgage Banker, VA Loan Specialist

National Lender, Federal NMLS# 1374243

0 Votes

Starting Out

Post: VA loan process for a multi family in Richmond, VA

Upen Patel

Posted September 03, 2015 14:06

Lender
Nationwide Lender
Posts 1,841
Votes 801

@LaShelle S. Thank you for your service.

You only need 1 appraisal for the purchase, unless for some reason a 2nd appraisal is required. Your lender will order the appraisal through the VA, and it will be assigned to a qualified appraiser.

Upen Patel

Mortgage Banker, VA Loan Specialist

National Lender, Federal NMLS# 1374243

0 Votes

@Eric Yi Welcome to BP and NoVA. I am in Vienna and welcome someone local to connect with.

Upen Patel

Mortgage Banker, VA Loan Specialist

National Lender, Federal NMLS# 1374243

0 Votes

Private Lending & Conventional Mortgage Advice

Post: Buy and Hold. Self finance cash to Cash out mortgage

Upen Patel

Posted September 03, 2015 13:27

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Dean Engel Good strategy. Cash give you an advantage on the purchase.

If you want to get a new appraisal after rehab, then you will have to wait for 6 months. You can do a Delayed financing purchase loan with in 60 days. The loan will be based on the purchase price.

If you want to continue doing this through conventional financing (you can go up to 10 per individual), then the strategy will run into a problem when you hit #5. You will no longer be allowed to do a Cash-out Refi.

Upen Patel

Mortgage Banker, VA Loan Specialist

National Lender, Federal NMLS# 1374243

1 Vote

All Forum Posts by: Upen Patel

Upen Patel has started 49 posts and replied 1720 times.

Post: Commercial lending in Georgia

Post: Qualifying rental income towards DTI

Post: FHA loan question

Post: Using a VA loan when you have an FHA

Post: Middle Georgia Portfolio Lender

Post: ? About Michigan Conventional Mortgage

Post: VA loan process for a multi family in Richmond, VA

Post: VA loan process for a multi family in Richmond, VA

Post: Newbie in Virginia

Post: Buy and Hold. Self finance cash to Cash out mortgage

Upen Patel has started 49 posts and replied 1720 times.

Biggerpockets Logo Post: Commercial lending in Georgia

Biggerpockets Logo Post: Qualifying rental income towards DTI

Biggerpockets Logo Post: FHA loan question

Biggerpockets Logo Post: Using a VA loan when you have an FHA

Biggerpockets Logo Post: Middle Georgia Portfolio Lender

Biggerpockets Logo Post: ? About Michigan Conventional Mortgage

Biggerpockets Logo Post: VA loan process for a multi family in Richmond, VA

Biggerpockets Logo Post: VA loan process for a multi family in Richmond, VA

Biggerpockets Logo Post: Newbie in Virginia

Biggerpockets Logo Post: Buy and Hold. Self finance cash to Cash out mortgage

Post: Commercial lending in Georgia

Post: Qualifying rental income towards DTI

Post: FHA loan question

Post: Using a VA loan when you have an FHA

Post: Middle Georgia Portfolio Lender

Post: ? About Michigan Conventional Mortgage

Post: VA loan process for a multi family in Richmond, VA

Post: VA loan process for a multi family in Richmond, VA

Post: Newbie in Virginia

Post: Buy and Hold. Self finance cash to Cash out mortgage