All Forum Posts by: Wendy S.

OK. So with 20% down my unlocked rate on LE says 3. 5% and I'm now adjusted to a primary residence .

No points, just their standard underwriting $1,395 fee.

I should add, I decided to coapply with a higher earning family member, based on my low W2 income, coupled with my rental income, since we both have excellent credit. Not sure if this makes a difference. We both have liquid assets which could cover the $40,000 deposit and reserves but on my own seems DTI was too high.

Property will make a great house hack if deals goes through, perhaps even more so than previous one.

With PITI under $1,000 and possible rental at $2,300 with me living there.

Man, time flies by so fast esp 2020, we're almost through June. Rewind to end of 2017 when I bought my first primary residence fixer upper which turned out to be a live-in flip. Now I've got the 2 years reported income on tax return so I know I'm gonna snowball my way to Financial Freedom.

Thanks to the BP family and I'll definitely be reaching out to some of you that have offered to connect.

Peace, Blessings, Good Health, Wealth and Humility to us all!

Thanks again everyone. I'll see what my new rate is with 20% down.

Thanks. Yea I'm agreeing to 20% down so waiting to see what that looks like and he is a broker. 

Funnny thing is my bank is offering no Origination fees etc and my broker's standard fee is around $1,400 plus usually 1% or so in points. However, he delivers so I usually chalk it up to the price of reliability and expediency which we all know in RE is crucial. 

Thanks. Will see this progresses. 

Yes, I see that now. Was trying to invest 15% dp into the property, use the 5% difference for reserves in addition to the 6 months required PITI.

Thanks guys. That's what I thought too.

Now I've asked for an LE to get a better pic of what all fees we would pay but am told it's possible but won't be accurate until we go under contract and Title company info is all in. I get this, and really hoping to go under contract on a particular property today.

I have worked with said Lender or rather broker before but I'm always taken aback when he requires everthing prior to providing a LE. Is this normal? I was of the impression that once you submit, bank statements, credit checks, etc, fully complete all required docs for loan application you can get an LE. Am I wrong?

Now looking at putting 20% down and see what that looks like.

So I understand I can't get a primary loan then rent the property, without living there for 1yr, but what about the other way around? If I purchased as an investment property, but wanted to make it a primary within 3 months how could I do this?

Here's my situation, I have 3 month's left on satisfying my 1 yr residency requirements based on an owner-occupied refinance. House has come on the market that I would love to house hack as a primary residence but alas I don't qualify. I'm pre-approved for an investment loan with the option of 15/20% down payment.

But as stated before, I would rather this new house to house hack especially seeing that I could personally use the inlaw suite with its own kichen, living, dining and laundry with minimal work needing for this configuration.

Any suggestions anyone, without the obvious being, wait or the three months which is not an option.

@Lola Omishore

Yes, yes and yes.

Hi all.

Is 5.25% on a 30 yr conventional loan with 15% down and excellent credit, about where the market is right now on less than a $250,000 property or should I be shopping lenders, considering I'm using a broker.

@Bernard Sanga

You've gotten some good advice from others.

You could also ask the Tenant if his employer would be willing to deduct and pay directly to your account.

In my rental agreement (mtm) I give the option to pay online or in cash with one caveat.

Online can be done such as via Zelle, or Cozy,

No need to give out my bank account info.

However, if tenant choose to pay cash they have to get the cash to me, not me coming to them and there is a $30 charge to facilitate this. This accounts for my time, gas, etc to get to the bank or atm to deposit that cash.

Usually, tenant doesn't want to incur this additional charge so they normally figure out what to do to avoid it and work with the systems I already have in place that makes for a stress-free (98%) transaction.