All Forum Posts by: Upen Patel

Definitely get a copy of the appraisal. It is your right.
Do you have a GFE from the banker?
Have them document the additional fee and give you a new GFE. Ask them what would happen if you want to proceed, but not pay the fee.

If they are charging you the fee to keep the rate, then it might be that they picked a lender that wants the lower LTV. And they need to pay a small fee to buy down the rate due to the higher LTV.

Good Luck.
Upen Patel

The only way to free up the total VA entitlement is to sell the property or refi it away from the VA loan. To refi the property he will need to have documented income to support the debt. If he has enough equity then he can avoid PMI. Depending on when he does the refi, it can be a conventional loan or an investment loan.

That does not mean that your friend is completely out of luck. If certain criteria are meet, then he can get a 2nd VA loan and use the left over entitlement. 

If he is looking to refi the property away from a VA loan and at the same time get a new VA loan for a new property, then it would be in his benefit to work with a single mortgage banker to do both the loan, as that banker can explain it to the underwriter.

Good luck to your friend.
Upen Patel

I would get started with the eviction process right away. I have had a tenant like this and it is only going to get worst. You are better of with no rent coming in rather then the hassle of dealing with a dead beat tenant.

Good luck.
Upen Patel

If you have a sizable liquid assets (cash, stocks/bonds, life insurance, etc.) then some lenders will put a lean against that and let you borrow.

You want to find a mortgage banker who is knowledgeable and has access to many loan programs.

Please let me know if I can answer any other questions.

Thanks,
Upen Patel

1 unit - $ 625,500
2 unit - $ 800,775
3 unit - $ 967,950
4 unit - $ 1,202,925

Please let me know if I can answer any other questions.

Regards,
Upen Patel

In most normal situations, and even some unique ones, you are better off building a relationship with someone who you can work with across the country.

I see that you are local to me. Would be happy to meet or talk over the phone.

Thanks,
Upen Patel

Good luck.
Upen Patel

The rent you receive can be counted as income. At my bank we take 75% (to account for expenses, rent gap, etc.).

Assuming you have total income (pay + rent) to cover your total debt you should be able to get a loan for a house in Beaufort, SC.

I am local to NoVA. Please let me know if I can answer any questions.

Upen Patel, Mortgage Banker

Good luck,
Upen Pate