All Forum Posts by: Upen Patel

To use your VA loan benefit you have to have the "intent" to occupy the property within 60 days. You can use your benefit of 1-4 unit properties. The benefit amount goes up with the # of units and is also location dependent.

If you relocate (has to be a descent distance away from the current property) due to work or other personal reason, and have left over/unused VA loan benefit, then you can use that towards the new property.

Theoretically you can have multiple properties with VA loan, as long as you meet the VA criteria of relocation and have unused benefit. But usually your benefits get used up in 2 loans.

Hope that was helpful. Please let me know if I can answer additional questions.

Regards,
Upen Patel
Mortgage Banker

The simplest way to get rid of MI is to refi the loan away from FHA and into a conventional loan.

Please PM me if you have additional questions.

Thanks,
Upen Patel
Mortgage Banker

Given that you have rental properties, you want to be sure that you have enough income source to qualify for the refi.

Generally speaking it makes sense to refi a 1st and 2nd (especially given the size of your 2nd) into a single loan.

Please PM me if I can answer additional questions.

Upen Patel
Mortgage Banker

Having said that, my guess is the 5% down. That does restrict your options, especially for multi-family properties.

Please PM me if I can answer additional questions.

Upen Patel
Mortgage Banke

Upen Patel
Mortgage Banker

Please PM me if I can answer additional questions.

Upen Patel
Mortgage Banke

Even better is a Fully Approved loan. In this scenario, the loan application goes through underwriting and is approved upto $xx and x.xx%. The property address is TBD, and the only contingency is a clean property title and appraisal above the loan amount. An offer with a Fully Approved loan letter is very very strong. It tells the seller that the loan is already approved.

Hope this provides clarification. Please let me know if there are questions.

Upen Patel
Mortgage Banker

Looks like your Mortgage banker is trying to steer you towards a conventional loan, and not doing his/her job. You want to find a mortgage banker how is not worried about their commission, but rather focused on getting you the best deal.

Let me know if I can be of help or answer questions.

Good luck.

Upen Patel

Mortgage Banker

PM me if I can be of help.

Upen Patel
Mortgage Banker