Financing provided through this program is only available for properties located in Michigan or Florida.Available Product Type: SOFR 7/6 ARM, SOFR 10/6 ARMLoan Amount: $766,550 MaximumLTV: Purchase and No Cash Out Refinance - Maximum 99%Prepayment Penalty: NoneLoan Assumption: NoneEligible Properties: 1-unit dwellings, attached and detached condominiums, PUDsEscrow: An escrow account must be established for property taxes, and flood insurance, if requiredUnderwritingNo Private Mortgage InsuranceOccupancy – Primary residencesMinimum Credit Score - 700DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors)Student Loans – If in deferment, no qualifying payment requiredDown payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift fundsAttached condominiums require a 10% down paymentEligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.Servicing: Retained

A master lease to the organization structured with an annual escalation clause and a term limit - like up to 5 years - was a recommended way to get a contract. 

Our plan was to do the traditional house-hack, but things haven’t gone as planned.During some self-testing followed by professional testing, we discovered lead in several high-traffic areas of the home.

Be prepared with bank statements, leases, and operating agreements.Next StepsTiming: Wait until after January 19, 2025, to refinance and transfer ownership to avoid violating FHA rules.Consult Professionals: Speak with your lender, a tax advisor, and an attorney to confirm the implications of refinancing and transferring title.Prepare Documentation: Have your property appraised, ensure leases are up to date, and organize financial documents for your LLC.You’re on the right track with your plan, and a few strategic steps now can help you maximize the benefits of refinancing while avoiding complications.

Marie Johnson That has to be bought by a qualified non profit organization, and is only allowed by certain investors/lenders.

Some portfolio or private lenders may waive this rule, so it’s worth exploring.While waiting for the 6 months, finalize renovations, stabilize the property with tenants, and ensure all paperwork (leases, receipts) is organized.

If I was trying to break into the industry, I would approach a few small- to mid-level sponsors and ask if you could provide help to their organization in exchange for a mentorship.

If investors attempt to streamline their services, it can lead to a more organized approach to property management, lowers the risk of gaps in insurance coverage or missed tax benefits as well as simplifies communication and reduces confusion.

Does anyone have any excel/spreadsheet templates they use for organization and having a place where you store that budgeting and timeline information?

If it could do it what it claims to do in a more streamlined and organized fashion, it could be decent.