All Forum Posts by: Upen Patel

@Ben Pepin As others have stated you can use rental income from the other units on a multifamily (2-4 unit) purchase, and you will need reserves.

One thing that's not been stated is the VA loan DOES NOT have a DTI limit. If you have plenty of funds in reserves (more then the min 6 months required) and your VA residual income is no (will depend on what else you have on your credit), you could potentially be approved for a VA loan with DTI well North of 55-57%. I have closed multi MM VA loans with DTI as high as 67%.

The point being, the VA loan is very flexible for the right individual. Find a good lender and start the pre-approval process. The only way you will know what your potential purchase power is. Potential because you can guess the rental income, but no way to know until you actually have a property.

Hope this helps.

@Terry M Jordan What did the appraisal say? How is the property zoned?

@Carlos Josue Hernandez If you are looking for a rate and term refi, there is no wait period/seasoning. If you are looking to do a cash-out refi, then you have 6-month seasoning requirement.

The time of loan being paid off doesn't matter.

@Dave Green If you have 2 yr history of stipend you can potentially use it. Through keep in mind you would not be able to buy a PR as travel nurse. For a PR loan you are making a commitment that you will owner occupy it for at least 12 months, but you can't given your job.

For an investment purchase, you can also use the rental income from the property being bought to help qualify.

Hope this helps. Let me know if you have additional questions.

@Terry M Jordan Is the physical property straddling both parcels? Or the property on 1 parcel? Is this a new construction or old? You state there is a 2nd house. Is this a 1-unit property or 2-units? What does the appraisal state?

Details are very important in scenarios like these.

@David Cranor Sorry for your loss.

Please clarify what you are looking to do, so we can be of help.

@Logan French You can take advantage of a Physician loan to by a 1-4 unit (owner occupied) and house heck. This will allow you to keep your down payment low.

You should speak with a lender and get pre-approved before you start looking at properties. Each lender has their own guidelines for the Physician loan.

@Jayden Melo The issue you will likely run into for a 3 or 4-unit using FHA is the FHA Self Sufficiency test. FHA doesn't require this for a 2-unit. Property values have gone up, rates have gone up, but rents haven't gone up as much, which results in properties failing especially in high priced cities (DC, NYC, LA, Seattle, etc.).

If you are in the healthcare field, there are special programs that you can take advantage.

Hope this help. Lets me know if you have any questions.

@Eric Chiang You can certainly buy a 1-4 unit using a Physician Mortgage loan. Each bank has their own guidelines.

Each lender has their own guidelines for the Physician Mortgage loan as these are portfolio loans. There certainly are lenders who allow 1-4 unit owner occupied property. You get the best LTV on a purchase, but you certainly can do a cash-out refi into the loan as well. Hope this helps. Let me know if I can answer any questions.