@Daniel Pierson not local but PenFed will accept heloc's on investment properties

BP advises people to do FHA all the time but they forget to mention the huge mortgage insurance you have to pay in more expensive coastal markets and how it's extremely difficult to get these offers accepted.

I placed a bid on a property through my agent who is not the listing agent, This was Friday (4 days ago) and I was told that they would accept the highest bid by Saturday.

If I’m not mistaken, the new requirement in Oregon is a 90 day notice to vacate a tenant after an offer is accepted.

The expiration date of an offer can easily be crossed out and extended with the acceptance of both parties. 

The lenders I have spoke with look at my income as a 1099 self employee vs my actual W2 because I accept multiple 13 week contracts throughout the year.

The lenders I have spoke with look at my income as a 1099 self employee vs my actual W2 because I accept multiple 13 week contracts throughout the year.

I don't mind helping them out and I am pretty confident that they will recover after the Chemotherapy, but I guess you never know.There is a limit to what is acceptable.

You accepted the referral from a friend without doing your own due diligence or asking questions.

If you have any doubts....here's the exact verbiage from Fannie Mae:B3-4.3-15, Borrowed Funds Secured by an Asset IntroductionThis topic contains information on borrowed funds secured by an asset, including:• Borrowed Funds Secured by an Asset• Secured Loans as Debt• Reducing the Asset by the Amount Borrowed• Documentation RequirementsBorrowed Funds Secured by an AssetBorrowed funds secured by an asset are an acceptable source of funds for the down payment, closing costs, and reserves, since borrowed funds secured by an asset represent a return of equity.Assets that may be used to secure funds include automobiles, artwork, collectibles, real estate, or financial assets, such as savings accounts, certificates of deposit, stocks, bonds, and 401(k) accounts.Secured Loans as DebtWhen qualifying the borrower, the lender must consider monthly payments for secured loans as a debt.If a secured loan does not require monthly payments, the lender must calculate an equivalent amount and consider that amount as a recurring debt.When loans are secured by the borrower’s financial assets, monthly payments for the loan do not have to be considered as long-term debt.Reducing the Asset by the Amount BorrowedIf the borrower uses the same financial asset as part of his or her financial reserves, the lender must reduce the value of the asset by the amount of proceeds and related fees for the secured loan.Documentation RequirementsThe lender must document the following:• the terms of the secured loan,• evidence that the party providing the secured loan is not a party to the sale, and• evidence that the funds have been transferred to the borrower