All Forum Posts by: Zack Karp

@Weng L. it is a Fannie/Freddie/Jumbo/FHA/VA guideline for ANY primary residence mortgage, that the buyer must occupy the property within 60 days of closing. This does not vary from lender to lender. So if you want to be able to sell the property to a buyer using a primary residence mortgage, then you should not have a lease ending that far out. Obviously this wouldn't matter with a cash buyer.

Hope that helps and best of luck!

@Joseph Mallon

My cash out will be used for investment purposes.

The End.

@Jerome Morelos short answer, yes you can.

Are we talking about a 1-unit property, or a 2-4 unit?

Conventional max LTV's: 1-unit 95%, 2-unit 85%, 3-4 unit 80%.

So if this is a 3-4 unit, you would need to be at 80% LTV and there wouldn't be PMI.

Also if your income is below the income cap for the program, Conventional Home Possible is coming back on 11/15, which allows up to 95% LTV for a 2-4 unit.

Check with your loan officer on your options.

Hope that helps, best of luck!

@Tayo O. it's based on an automated underwriting approval.  The middle credit score can usually be as low as 660 for an investment property rate/term refi, depending on your debt-to-income ratio, reserves, and other factors.

@Tayo O. yes you can do them both simultaneously...refi the existing property to Conventional investment, and do a a FHA primary purchase...at the same time.

Well, yes, you have to be able to qualify for both loans :)

@Tayo O. why can't you refinance as an investment property? The rates are still stupid low. Take advantage now before they go up later on. Then use FHA again for the next property. No brainer IMO. Feel free to reach out if you need any help.

Best of luck!

@Luke Rorech yes, since a 203K is a FHA loan, the loan limits are the same :)

@Aaron Garbade no different than applying for a Conventional loan.  Happy to help if you don't have a great lender/LO that specializes in working with real estate investors.  Feel free to reach out if you need any help.

@Aaron Garbade let me shed some clarity for you...

Conventional max financing: 15% down for a 2-unit, 20% down for a 3-4 unit

Conventional max loan amount in Tampa: 2-unit $702,000, 3-unit $848,500, 4-unit $1,054,500

FHA max financing: 3.5% down for 2-4 unit

FHA max loan amount in Tampa: 2-unit $456,275, 3-unit $551,500, 4-unit $685,400

The max loan limits will be increasing SIGNIFICANTLY for 2022, if you're not in a hurry.

Best of luck!

@Sung Yu what city/state is the property located?  The regular Conventional loan limit for a 4-unit is $1,054,500.  You might be getting bad info.