The builder will need to be approved by the Bank/Lender or the bank/lender can provide you an already approved builder they have used before in that County.Once the builder is approved the Bank/Lender will have a initial meeting and set up an agreed upon draw phase based on the work that will be completed in phases.Best thing to do is have a conversation with a seasoned Banker or Loan officer to start an application and set up step by step plan.Feel free to reach out if you have any questions I am always happy to help and talk REI.

If there is a pending RAFT application the case won't move forward until it processes and/or if the person owes more than $7k that you are willing to let go of the remaining rent or have a payment agreement in place.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

You probably know some of her details like income from her application. 

Unless you specifically took out a mortgage that is only applicable to the primary residence portion of the home, then the mortgage will be split pro rata between the two halves (so $150K each, in this case). 2.

Other hidden costs you need to consider when evaluating HM lenders:-Applications Fees-Administrative Fees,-Commitment Fees-Underwriting Fees-Origination Fees-Loan Servicing-Rehab Draw Fees-Inspection Fees-Interest paid on undrawn rehab budget?

The process of identifying a quality applicant is extremely difficult now with the amount of fraudulent paystubs, bank statements and IDs.

Hi Scott, if you have some time I teach a Section 8 series for Miami Association if Realtors. it’s on their YouTube channel.You don’t need to register in advance if you are purchasing a property that already has a tenant using Section 8 you would just fill out a vendor application and the owner would sign a change of ownership.

I'm reading an application that sounds as if my personal assets would back the loan.

In the areas you mentioned you will find applicants and some people who you would not expect will also have assistance.