Ryan Morrissey
LLC cash purchase moved to investor capital
16 August 2022 | 6 replies
Legal entities are not eligible for conforming residential loans.It does seem kinda silly.
Yuval Yizhaki
The period of Refinance - BRRRR
28 September 2022 | 4 replies
It is likely just conforming with Fannie Mae Standards so that they can sell the loan.
Darren Redfearn
Applying with a Corporation
31 August 2022 | 3 replies
This can be a major red flag, because it probably isn't your intended use, it may not conform to zoning, and it could result in increased wear & tear, complaints from neighbors, and code violations.
Michael Clark
How to help friend rehab and sell his house
31 August 2022 | 6 replies
I thought conforming loans can't be originated on Title which transferred in recent 6 months --- you'll have to check on that..
Larry Sloan
Single Family ADU Permitting/ Zoning
19 September 2022 | 7 replies
The property has also been operating/ occupied as a duplex, and I am in the process of collecting documentation to apply for non conforming zoning.Would it be possible to convert the unfinished basement into a new adu, while converting one of the two upstairs existing units into a junior ADU or semi attached?
Jed Brinkley
Non-conventional lenders for 1099/independent contractors
31 August 2022 | 10 replies
Hi all,I went from W2 to independent contractor in April, and the lender's mortgage requirements are derailing my RE investment plans.After watching the BP YT episode with David G. and Christian from The One Brokerage (TOB), I was interested in finding out more about non-conventional/conforming mortgage products.
Jowan Chism
Unethical lending Practice
6 September 2022 | 24 replies
Perhaps they didn't check that with the higher rates you no longer qualify...Is this a conforming loan?
Antonio Rivas
BRRRR Rehab Question
5 September 2022 | 9 replies
If you do that, I hope the purchase loan wasn't conforming as your lender will get hit with the pre-payment penalties and your loan officer will lose their commission on that --- they will probably never work with you again.Its too bad...
Renell Thomas
looking for some advise.
2 September 2022 | 3 replies
Here are seven different mortgage options that may work for you:FHA loan: Minimum credit score 580 (with 3.5% down) or 500 (with 10% down)VA loan: Minimum credit score 580-620 (0% down)USDA loan: Minimum credit score 640 (0% down)Conforming loan: Minimum credit score 620 (3% down)HomeReady loan: Minimum credit score 620 (3% down)Home Possible loan: Minimum credit score 660 (3% down)Non-QM loan: Minimum credit score 500-580 (down payment varies)The right loan program for you depends not just on your credit score, but also on your credit history, income, employment, and savings.
Chris Bauer
Leveraging Equity from a Condo
5 September 2022 | 8 replies
Since Title is in a legal entity its not eligible for conforming residential loans.