All Forum Posts by: Upen Patel

@Renaldo Barbini You certainly have a unique situation. Depending on your business and personal tax history, and your other liquid assets, there might be loan options for you.

Most likely any for of a conventional or govt backed loan is out.

Upen Patel

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Wholesaling

Post: Seller requested 30 day close, mortgage company may/may not be able to accommodate

Upen Patel

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Posted August 09, 2015 09:43

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@Lois Stern 45 days is a long time. For purchase loans, I can do them in 30 days.

You certainly want to look for a new banker so you can close this transaction, and then build a relationship for the future.

Upen Patel

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Private Lending & Conventional Mortgage Advice

Post: Self employed, steps to get a loan?

Upen Patel

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Pro Member

Posted August 08, 2015 17:31

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Given that you are not reporting income, you would have to go the non traditional route to get a loan now. You might qualify for a portfolio loan (where the bank holds the loan and does not resell it).

The LVT and rates for these are high.

Or you can wait for 2 years to be able to show income on your tax return.

PM me if you want to learn more about portfolio loan.

Upen Patel

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@Grant Anderson No bank will give a regular conforming loan to an LLC. If you want to get a loan in the name of an LLC, you have to find a banker who can get you an investment loan or get you a commercial loan. The terms and rates on these loans are not as attractive as residential loans.

I can give you more insight and direction, but would need to know the details of your deals and situation. PM me.

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@Jo Ballagh As other have said:

* There is no wait between refi of current FHA loan to a conventional, and getting a new FHA loan. In fact they can be done at the same closing.
* You will have to have enough income to support both the loan entirely. You don't have enough equity in the current (that you will convert to rental) and you don't have landlord experience, so will not be able to use and of the rental income to qualify you.
* Know the area you are looking to buy a 2-4 unit property. Make sure you are not the only one. Like all purchases, the property needs to be appraised for the loan.

It is doable, just need to put in work. Will be happy to help you walk/think through it. PM me.

Good luck.
Upen Patel

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Private Lending & Conventional Mortgage Advice

Post: Can't close - not enough owner occupied units in the building

Upen Patel

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Posted August 07, 2015 10:55

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@Jake Milk. What WF is saying is that the condo is non-warrantable. Not all lenders to non-warrantable condo loans.

I can do those.

Please PM me if you have specific questions.

Upen Patel
Mortgage Banker

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@Account Closed You are well below the 10 property limit that most lenders follow (I can go beyond that). You should be able to get a conventional investment loan with 30 yr fixed.

PM me if I can answer specific questions.

Upen Patel
Mortgage Banker

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@Willem Pennings It does not matter if the property is in your state of residence or in another state. You will get the same rate. If you don't want to travel to Austin for the closing, then you want to find a national bank, so then can work across states and can arrange for the closing near your residence.

PM me if I can answer additional questions.

Upen Patel
Mortgage Banker

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Private Lending & Conventional Mortgage Advice

Post: Can I get a multi-family unit loan for 5-10% down?

Upen Patel

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Pro Member

Posted August 04, 2015 19:15

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@Roberta Pepper FHA loan size increases with the # of units and also is different by county.

How many units are you looking at? About what price range? Which county?

Upen Patel
Mortgage Banker

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@Gabrielle E. Congratulations on your graduation and new job.

I wish I was this smart when I was your age. Using FHA loan for a multi-unit property is a great idea.

I live in Vienna. Let me know if you would like to meetup to discuss. Or you can call me with questions. Will be happy to help anyway I can. PM me.

Good luck and Good hunting.

Upen Patel
Mortgage Banker

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All Forum Posts by: Upen Patel

Upen Patel has started 49 posts and replied 1720 times.

Post: financing

Post: Seller requested 30 day close, mortgage company may/may not be able to accommodate

Post: Self employed, steps to get a loan?

Post: Loans to LLC for Rentals

Post: Using FHA to buy multi family

Post: Can't close - not enough owner occupied units in the building

Post: Financing Investment Property

Post: Refinancing out of state

Post: Can I get a multi-family unit loan for 5-10% down?

Post: Beginner's Northern VA REI Strategy

Upen Patel has started 49 posts and replied 1720 times.

Biggerpockets Logo Post: financing

Biggerpockets Logo Post: Seller requested 30 day close, mortgage company may/may not be able to accommodate

Biggerpockets Logo Post: Self employed, steps to get a loan?

Biggerpockets Logo Post: Loans to LLC for Rentals

Biggerpockets Logo Post: Using FHA to buy multi family

Biggerpockets Logo Post: Can't close - not enough owner occupied units in the building

Biggerpockets Logo Post: Financing Investment Property

Biggerpockets Logo Post: Refinancing out of state

Biggerpockets Logo Post: Can I get a multi-family unit loan for 5-10% down?

Biggerpockets Logo Post: Beginner's Northern VA REI Strategy

Post: financing

Post: Seller requested 30 day close, mortgage company may/may not be able to accommodate

Post: Self employed, steps to get a loan?

Post: Loans to LLC for Rentals

Post: Using FHA to buy multi family

Post: Can't close - not enough owner occupied units in the building

Post: Financing Investment Property

Post: Refinancing out of state

Post: Can I get a multi-family unit loan for 5-10% down?

Post: Beginner's Northern VA REI Strategy