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All Forum Posts by: Vanessa Ng

Vanessa Ng has started 0 posts and replied 29 times.

Post: ITIN Lending Program

Vanessa NgPosted
  • Lender
  • Nationwide Lender (48 states)
  • Posts 43
  • Votes 16

We do have ITIN programs if you need some assistance (nationwide).

Post: Heloc vs Cash out for investment property

Vanessa NgPosted
  • Lender
  • Nationwide Lender (48 states)
  • Posts 43
  • Votes 16
i personally am going with the HELOC, the rate on my first mortgage is just too low to refi for cash out. Check out PNC bank , they offer some pretty low rates. They even have a fixed rate HELOC option.

Post: Building Investment Property, Need 400K Construction Loan

Vanessa NgPosted
  • Lender
  • Nationwide Lender (48 states)
  • Posts 43
  • Votes 16

Hi Adam,

I might have an investor that might be able to help you out. I will reach out to him on Monday and get back with you!

Post: FHA 3 unit 3.5% down Owner Occupied

Vanessa NgPosted
  • Lender
  • Nationwide Lender (48 states)
  • Posts 43
  • Votes 16

Hi Lexi,

You can only get 6% concessions on FHA. Please note the 6% can only goes towards your pre-paids and closing costs and NOT your 3.5% down payment. The FHA 3.5% down payment must come from your own funds OR gift funds. Let me know if you have any additional questions.

Quote from @James Lian:

@Vanessa Ng I see. That would be very hard to qualify for considering a property like that would cost around 550k-600k and considering we are trying to do 5% down w/ interest rate around 5.875%...

P&I: 3,287.47

HOI: 250

Tax: 902

MI: 200

Total: 4,639


If there is an income limit how would they expect to make that work with the DTI? The only other income would be the expected rental income which we can use 75% of. But I am not sure even with that we could make it work with the DTI assuming there are no other liabilities. Do you want to take a crack at it for me? I see that you are a nationwide lender.


Hey James, I sent you a message
HomePossible has income limits, check the income limit based on where you want to purchase. If your income exceeds the HomePossible income limits , you wont be able to go HomePossible
Hi Patrick,

Do you happen to know why the condo is considered non-warrantable?
For conventional if you're going to be living in one of the units you can do 15% for 2 units. On a 3-4 unit property, you'll need 25% down.
Sometimes the Desktop Underwriting (DU) findings might still come back requesting only 1 year taxes. From my experience, having excellent credit helps with the DU findings coming back asking for 1 year taxes only. Prior to becoming self employed, were you in the same line of field? If so , there's a good chance you could go 1 year taxes, assuming income is consistent if not trending higher.

Post: 10% Down Second-Home Jumbo loan

Vanessa NgPosted
  • Lender
  • Nationwide Lender (48 states)
  • Posts 43
  • Votes 16
Quote from @Ryan Blankenship:

I have a buyer that would like to buy a vacation home with 10% down, but the property is 969k and considered a "Jumbo-loan". Under this categorization, local lenders are requiring 20% down. Any recommendations on how to keep a 10% down payment?


10% is doable with 710 fico , 43% DTI , and 6 months reserves