All Forum Posts by: Tracey Watler

 Thank you so much, yes for a small multi family,  I’ve tried with first bank ( and they’re dragging their feet). I’ll reach out to the others. Thanks a ton for your input. 

Thanks, buddy! Much appreciated ☺️

I mean I am looking at my options, I was planing to station myself out there as a trail because my job I  can be remote. What are the conditions ?  

Morning, 

I’m glad you’re looking into becoming a MLO, it’s the step into the right direction in my opinion. Sponsored means a brokerage or bank will take you into their company as an employee. In my personal experience I was inexperienced and my company a brokerage (which are affiliated with many banks) held my hand through my learning process, paid me a base salary, gave me leads which I split my commission, guided me on how to attain relationships with realtors and how to generate leads,  they have many accounts with real estate brokerages where they are the exclusive lender which was a plus. I did work a second job and the company was flexible with my time but I also put in the worked on getting realtors which means being out of the office. Now that I am 100% I am hybrid (mostly remote) I come into the office when we having meeting or I have clients, so if is possible at a brokerage.. At a traditional bank those options may be limited. If You’re in a brokerage your first two years can be the most challenging but with a good team you should be able to get the ball rolling on your brand quicker vs in a bank they might give you a salary so it’s more consistent. 

Hope this helps! 

Hello BP, 

I was looking for a lender in Puerto Rico, I’ve learned that even though Puerto Rico has almost all of the products and methods of the US not all US banks lend in PR. Any suggestions on a financial institution for a loan?

The 203k FHA loan and conventional renovation loan both provide financing options for purchasing 2-4 unit properties in need of renovation, but they have key differences in down payment requirements, processing time, costs, and documentation.

The 203k FHA loan typically requires a lower down payment, often as low as 3.5%, which can make it more accessible to borrowers with limited funds. However, this comes with mandatory mortgage insurance premiums and stricter qualification criteria same as a traditional FHA. Processing times may be longer due to FHA approval requirements, a certified 203k contractor and documentation can be extensive.

Conversely, the conventional HomeStyle loan typically requires a higher down payment, typically ranging from 5-20%, but it doesn't mandate mortgage insurance if the downpayment is at 20%. 5% down would be if this is your primary residence. While this may mean higher initial costs for borrowers, it offers more flexibility in terms of property eligibility and renovation options. Processing times may be shorter since it doesn't require FHA approval, and documentation requirements may be less stringent.

In terms of renovation financing, the 203k FHA loan allows borrowers to include renovation costs in the mortgage, streamlining the process but potentially increasing overall borrowing costs. Meanwhile, the conventional HomeStyle loan for example requires separate financing for renovations, which may involve additional paperwork but offers more flexibility in choosing contractors and managing renovation funds.

Here is a page with a little more insight of the breakdown. https://www.easyknock.com/blog/conventional-renovation-loan-...

If you do need anymore help or need to get started on either one of these products don’t hesitate to reach out. 

Love this post tons of information.... I have 2-3 banks that offer 203k loans the scrutiny of the self sufficiency test maybe hard but not impossible. You can also consider a conventional rehab now that 2-4 units only requires min of 5% owner-occupied. feel free to reach out I would love to help. 

Hey not sure if you were helped, but I'd love to be of assistance. 

I work with the bank mentioned UWM. Feel free to reach out about your scenario so I could be of further assistance.  

Any reason why you are looking for a lender that is specific to that area ? Are you a first time investor? What is your scenario? We lend nationwide!