All Forum Posts by: Upen Patel

Welcome to BP. SoCal is great, and blad it helping with your health.

No better way to learn the ropes then being a real estate agent, and do a owner occupied 2-4 unit rental.

The FHA loan process is a lot simpler then it is made out to be. Would be glad to answer questions and help.

Upen Patel
Mortgage Banker

The 3.5% you are referring to is an FHA loan. You can only get a FHA loan for an owner occupied property.

Upen Patel
Mortgage Banker

My landlord policy is with MetLife.

--Upen Patel

Good luck,

This is not the same as you will get the loan. To be sure what you want is a "Fully Approved Loan". In this scenario you are doing to full loan application and it goes through underwriting and the property address as TBD. Your loan will be approved with certain contingencies: Rate cap, price cap, property appraisal, clean title, and a few more. Nothing that would stop the loan from funding, if you are buying within the guidelines and is a good home. A Fully Approved Loan will give you (the shopper) leverage on your bid as the borrow knows that you are already approved. Given the time that the bank puts in to get you the Fully Approved Loan they will ask for a small up front fee, which you would be credited at closing. This is a small surety for the bank that you are serious and not just shopping around.

Hope this gives you the insight you are looking for. Feel fee to ask me additional questions.

Upen Patel, Mortgage Banker

Please let me know if I can provide additional information.

Upen Patel

Have you looked into getting a full approved loan. This when you go through full underwriting with the address at TBD. So your loan is approved and the only outstanding thing is the property appraisal and clean title.

Contact me if I can provide more insight.

Upen Patel

VA loan benefit is a great way to get into real estate investing. You can use your benefit for 1-4 unit property. The benefit increases as the units increase, and the benefit amount is different in different counties (to account for cost of living). For Pittsburgh (Allegheny county) the limits are:

1 unit - $417,000
2 unit - $533,850
3 unit- $645,300
4 unit - $801,950

You can only use your VA loan benefits for your primary residence. So in the case of a multi-unit property, VA would expect you to live in one of the units.

Unless you have Landlord experience (which it sounds like you don't) VA will not allow you to count rental income to qualify for your VA loan. You will need to have sufficient income to qualify for the purchase. Once you have Landlord experience, in the future you will be able to use rental income to qualify.

You are correct. When you refinance your loan away for a VA loan, your VA loan benefits are restored.

I am a VA loan certified Mortgage Bank and work for a Veteran owned bank.

Please contact me if I can answer any questions.

Regards,
Upen Patel

Please let me know if I can answer any questions.

Upen Patel, Mortgage Banker.

There are loan programs that will allow you to pledge assets to qualify for mortgage.

Good luck.
Upen Patel