All Forum Posts by: Vanessa Ng

Hi Joshua,

To my knowledge, you would not have to be a landlord or property manager in order to purchase a multi family home. You do however have to reside in one of the units as VA loans are for primary residences only. However, IF you would like to count the prospective rental income towards your loan for qualifying purposes THEN yes you would need evidence of landlord experience or property management.

Hi @Cameron Bremner,

You can count your college education towards your 2 year work history as long as what you went to school for is in the same field / related to what you're doing now in work. You mention both FHA and Conv. FHA would only require you to put 3.5% down on a 4 plex, whereas Conventional would require 25% down. One thing to keep in mind, FHA does have county loan limits. Depending on the county you're purchasing in, you might mot be able to purchase a home in the $500K range as it might exceed the county loan limit. It's best to speak with a lender and they'd be able to work up the different loan options for you. Hope this helps :) !

I'd recommend having the lender work up 10% and 15% down options with upfront PMI as opposed to having monthly PMI. This might help a little bit towards your cash flow. 

My clients occasionally use Quorum as well for HELOC's. You might want to try PNC Bank as well. Good luck!

Definitely on the MLS. If your parents are looking to save money, they can also use one of those flat fee listing services. It will give you access to MLS but your parent's will have to handle the whole transaction on their own. I recently did that on a piece of land I just sold.

Hi Joshua,

Would be happy to help and answer any questions you might have

I've personally looked into PNC Bank before and they seem to have some good options. I agree with @Kerry Baird , Quorum FCU is another good one. We occasionally broker out our HELOC's with Quorum, I've always had a good experience with them so far.

Quote from @Riggies B tang:

Hi. I own a 4plex in Cleveland, OH. I am looking to apply for a HELOC on this property. Any suggestion or recommendation would be greatly appreciated.

Hi Riggies,

Is this 4 plex an investment property or your primary residence where you happen to live in one of the 4 units?

If you'd like to remove the PMI sooner rather than later, you can refinance into a Conventional loan. As long as you have 20% equity in your home, your new Conventional loan should have no PMI. There are also upfront PMI options if for some reason your appraisal comes in short and you're just shy of meeting the 80% LTV. With upfront PMI you pay it upfront vs having to pay it monthly. The costs of the upfront PMI, will primarily depend on your fico scores and LTV. Good luck!