All Forum Posts by: Upen Patel

@Upen Patel thanks for the feedback. I am a U.S. Citizen just living in the UK right now. Sounds like we could put the property in the name of our partnership and just the partner that's in Texas could get the financing. Which would be great.

That's great. Makes things easier. Any reason you want to have the property in the name of the partnership? It will force you into portfolio/commercial loan which is a higher rate. If you have the ability to, then I would recommend you go the conventional investment property loan route. As long as you have a executed agreement and both are listed on the deed, you don't really need the LLC. There might be specific reasons you have. I would say check with lawyer.

Glad to be of help.

Upen Patel

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Private Lending & Conventional Mortgage Advice

Post: Partnering in Texas from the UK

Upen Patel

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Pro Member

Posted August 02, 2015 14:07

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@David Light Being a foreign national a few limitations come into the picture. Many of these are legal, so you would want to consult a US attorney who practices in Texas.

* Can the loan be just in one name, but the deed be in both your names. This happens all the time, but you are a foreign national so am not sure.
* If the loan can be held in one persons name and are buying with cash, then you don't have to wait for 1 yr to get the cash out. You can do a delayed purchase loan within 60 days.

* If you get a loan in the name of an LLC, then can the owner of an LLC be foreign nationals?

* If both of you have to be on the loan, then you need to find a lender what is willing to lend to foreign national. We do.

If you bank with an international bank that has operations in the US, then it would be helpful, as they can provide a letter of conduct and relationship history.

Hope this is help full.

Please PM if I can answer additional questions.

Upen Patel

Mortgage Banker

1 Vote

Private Lending & Conventional Mortgage Advice

Post: Is 5.50% a good investor interest rate?

Upen Patel

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Posted August 02, 2015 13:56

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@Rhondalette W. That is a crazy high rate even for a investment property (that close to a Portfolio Loan rate). But only specific details of your deal can tell the true story.

* What is the loan amount?
* What type of a property is it?
* Where is the property located? Zip code
* How long have you been a land lord?

PM me and I would be happy answer questions and give you insight.

Upen Patel
Mortgage Banker

1 Vote

@Kevin Izquierdo No you can't get TWO (2) conventional loans on one property (at least not legally). You can get a conventional loan from one bank and a HELOC from an another bank. There is now way to combine the payments into one. Each bank wants to be paid individually.

Good luck.
Upen Patel
Mortgage Banker

1 Vote

Multi-Family and Apartment Investing

Post: va loan on multi family unit in maryland

Upen Patel

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Posted August 02, 2015 08:14

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@John Bull Thank you for your service.

What county are you looking to get the property? It will determine your max VA loan benefit. Do you have your COE?

PM me if I can be of help.

Upen Patel
Mortgage Banker
VA Loan Specialist

0 Votes

General Landlording & Rental Properties

Post: Moving from LLC financing to financing in your personal name

Upen Patel

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Pro Member

Posted July 31, 2015 12:40

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@Shawn Thom Has the loan already been funded? If not, then you should simply do a conventional investment property loan in your name.

If it has already been funded under the LLC, then there is no advantage to changing the name on the deed. Your rate/term is already set. The bank is not going to change that.

If you absolutely want to, then you might want to do a refi to move it from the LLC to your name. That might get you a better rate.

Upen Patel
Mortgage Banke

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@Account Closed FHA requires that you occupy the property for a min of 1 yr. After that time, if you have a qualified reason to relocated, you might be able to get a 2nd FHA loan in the new location. You can't move 25 miles down the road and say "I have relocated". The bottom line is that FHA loans are for home owners, not investors.

Would need to know the specifics of your situation to see if you are getting the right answer.

Upen Patel
Mortgage Banker

0 Votes

@Mark Tomes The issue is that most of the closing cost a fixed, and don't change much based on the loan amount. With a small loan amount, the loan would be a High Priced Mortgage Loan (HPML) (http://www.consumerfinance.gov/askcfpb/1797/what-higher-priced-mortgage-loan.html), and this is what stops banks for doing the loan.

Hope this helps.

Upen Patel
Mortgage Banker

0 Votes

@Jared Chipkin Given the time since the Walmart charge and the amount, have you contacted Walmart to have it removed? When was it last reported to the credit agencies?

Have you written an explanation of the delinquency and gotten underwriting to address it?

Your credit is not entirely bad. What loan rate are you getting? My sense is that the mortgage banker is using the delinquency as an excuse to not give you the best rate possible.

PM me if I can answer additional questions.

Good luck.
Upen Patel
Mortgage Banker

0 Votes

That is a very subjective. The answer depends on the type of loan and the type of property.

* Conventional loan - 20% down

* Conventional loan for investment property - 25% down

* FHA - 3.5% down

* VA - 0% down

* Portfolio loan (for folks with unusual income, assets, etc.) - 40% down

Upen Patel

Mortgage Banker

0 Votes

All Forum Posts by: Upen Patel

Upen Patel has started 49 posts and replied 1720 times.

Post: Partnering in Texas from the UK

Post: Partnering in Texas from the UK

Post: Is 5.50% a good investor interest rate?

Post: Newbie Loan Question

Post: va loan on multi family unit in maryland

Post: Moving from LLC financing to financing in your personal name

Post: FHA Loan on Second Property

Post: Mortgage low end limits?

Post: Credit Score Killing me!

Post: How much down = low risk.

Upen Patel has started 49 posts and replied 1720 times.

Biggerpockets Logo Post: Partnering in Texas from the UK

Biggerpockets Logo Post: Partnering in Texas from the UK

Biggerpockets Logo Post: Is 5.50% a good investor interest rate?

Biggerpockets Logo Post: Newbie Loan Question

Biggerpockets Logo Post: va loan on multi family unit in maryland

Biggerpockets Logo Post: Moving from LLC financing to financing in your personal name

Biggerpockets Logo Post: FHA Loan on Second Property

Biggerpockets Logo Post: Mortgage low end limits?

Biggerpockets Logo Post: Credit Score Killing me!

Biggerpockets Logo Post: How much down = low risk.

Post: Partnering in Texas from the UK

Post: Partnering in Texas from the UK

Post: Is 5.50% a good investor interest rate?

Post: Newbie Loan Question

Post: va loan on multi family unit in maryland

Post: Moving from LLC financing to financing in your personal name

Post: FHA Loan on Second Property

Post: Mortgage low end limits?

Post: Credit Score Killing me!

Post: How much down = low risk.