All Forum Posts by: Upen Patel

@Christopher Adams If the mortgage broker pre-approved you and not is saying that it won't work is trying to get you into a more expensive product so he can make more. If there was no negative movement, then he is just not trying.

Did he say why a conventional loan won't work?

If you are putting 25% down then if should not be much of a issue to get a conventional loan for an investment property.

Upen Patel
Mortgage Banker
Federal NMLS# 1374243

0 Votes

Private Lending & Conventional Mortgage Advice

Post: How many loans can we have?

Upen Patel

Posted August 26, 2015 10:47

Lender
Nationwide Lender
Posts 1,841
Votes 801

0 Votes

Private Lending & Conventional Mortgage Advice

Post: How many loans can we have?

Upen Patel

Posted August 26, 2015 10:22

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Steve Dove The limit is still 10 mortgages per individual. The limitation is your bank. If you have not maxed out then find a mortgage banker that can get you up to the 10 conventional residential mortgages.

Upen Patel

Mortgage Banker

Federal NMLS# 1374243

1 Vote

Private Lending & Conventional Mortgage Advice

Post: How many loans can we have?

Upen Patel

Posted August 26, 2015 10:03

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Maura Paler The limit depends on the lender. You can have up to 10 conventional residential mortgages in each of your name. If its a joint then it counts against both of you. If its just in one name, then the other is still open.

Hope this is helpful.

Upen Patel

Mortgage Banker

Federal NMLS# 1374243

3 Votes

@Brennan Visser Your property, your fees. Having said that, the mortgage banker can offer you closing credit to cover the fees, so that its a no cost refi.

Upen Patel

Mortgage Banker

Federal NMLS# 1374243

0 Votes

@Mark Smith Here is the skinny on FHA loans:

* Down payment - 3.5% down min - you can do more, but it does not help with rates
* Funding fee - 1.75% FHA funding fee to be paid at closing. This can be rolled into the loan, so you don't have to come up with this money if you don't have it.
* MI - You will have a monthly mortgage insurance. No way to avoid this.
* Interest rates - FHA interest rates are usually lower then conventional loans, though I don't see this as a big advantage.

There are conventional loans that you can get for multi-family properties that might make better sense. It all come down to your credit, financial and the loan size, to determine which loan is the best option. A good mortgage banker should be able to help you with this.

Good luck.

Upen Patel

Mortgage Banker

Federal NMLS# 1374243

2 Votes

@Jared Chipkin I would never recommend these options to my borrowers (I can ever approve them of I say no). But you are in a pinch, so here you go:

* Can you call on a family member or friend to be on the loan with you or do a "gift". This will allow you to close, but being mindful of the person helping you out, you should refi ASAP. So that you can free them.
* Do you have a 401(k) or cash value life insurance that you can get a loan against?

IMPORTANT These are only stop gap measures and you should free the individuals credit or pay back the loan within 3-6 months. If you won't be in that position then DO NOT do this.

Good luck.
Upen Patel

Mortgage Banker

Federal NMLS# 1374243

0 Votes

@Nathan Waters You need to find a Fannie Direct lender that is willing to do up tp 10 loans per individual. Freddie only allows 4 loans. And even some Fannie Direct lenders will internal restriction to only 4 loans.

So you can have up to 10 confirming loans including your primary home.

Hope this is helpful.

Upen Patel
Mortgage Banker
Federal NMLS# 1374243

0 Votes

Creative Real Estate Financing

Post: Portfolio Lenders - Are They Any Better?

Upen Patel

Posted August 25, 2015 13:29

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Lori Lusk 75% LTV is the best you are going to get on a conventional cash-out refi for a investment property.

Upen Patel

Mortgage Banker

Federal NMLS# 1374243

0 Votes

Private Lending & Conventional Mortgage Advice

Post: FHA Occupancy Rules

Upen Patel

Posted August 25, 2015 12:32

Lender
Nationwide Lender
Posts 1,841
Votes 801

@Nelson M. As long as it is your primary residence you should be fine with short "absences". Even if you are not renting your unit out, if you stay else where then it is not your primary residence, and could cause a problem.

Good luck.

Upen Patel

Mortgage Banker

Federal NMLS# 1374243

1 Vote

All Forum Posts by: Upen Patel

Upen Patel has started 49 posts and replied 1720 times.

Post: Need Help

Post: How many loans can we have?

Post: How many loans can we have?

Post: How many loans can we have?

Post: When renewing a mortgage, who swallows the legal fees?

Post: FHA Loan

Post: Financing falling through with 9 days until closing!

Post: Portfolio lending

Post: Portfolio Lenders - Are They Any Better?

Post: FHA Occupancy Rules

Upen Patel has started 49 posts and replied 1720 times.

Biggerpockets Logo Post: Need Help

Biggerpockets Logo Post: How many loans can we have?

Biggerpockets Logo Post: How many loans can we have?

Biggerpockets Logo Post: How many loans can we have?

Biggerpockets Logo Post: When renewing a mortgage, who swallows the legal fees?

Biggerpockets Logo Post: FHA Loan

Biggerpockets Logo Post: Financing falling through with 9 days until closing!

Biggerpockets Logo Post: Portfolio lending

Biggerpockets Logo Post: Portfolio Lenders - Are They Any Better?

Biggerpockets Logo Post: FHA Occupancy Rules

Post: Need Help

Post: How many loans can we have?

Post: How many loans can we have?

Post: How many loans can we have?

Post: When renewing a mortgage, who swallows the legal fees?

Post: FHA Loan

Post: Financing falling through with 9 days until closing!

Post: Portfolio lending

Post: Portfolio Lenders - Are They Any Better?

Post: FHA Occupancy Rules