21 October 2020 | 5 replies
If you don't currently have one, you would be able to use an FHA loan due to it being your primary residence and the insurance and finance rate is way cheaper than using a conventional loan at first.
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27 October 2020 | 6 replies
After that period is up, they can move out and use the property as a rental.Generally, people refinance to a conventional loan in order to get their VA credit back for purchase of their next primary home...rinse and repeat.
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24 October 2020 | 17 replies
Owner-occupied conventional loans typically go as low as 5% and sometimes as low as 3% in special conditions.
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23 October 2020 | 2 replies
20% down conventional.
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21 November 2020 | 4 replies
If conventional means would not be the way to go (I don't know if you have SSI or anything else + the rental income), but if that doesn't allow you to qualify, there are alternative loan programs that don't look at personal income at all.
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22 October 2020 | 3 replies
Keep in mind, when you go to get your the 2nd conventional owner occ loan, your "old" primary residence that you will turn into a rental the PITI mortage payment becomes a liability on your DTI calc and the rent payments from tenants becomes an asset.
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31 October 2020 | 4 replies
We’ve saved up and were planning to pay down the loan and refinance it, likely into a primary residence conventional loan in December-January 2020 (6 months after VA loan refi) and then start renting it out in July 2021 when we move so that we could free up our VA loan benefit for a new primary residence at our new location.
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5 November 2020 | 6 replies
Also, as mentioned above LLC’s are only eligible for commercial loans which are generally more expensive and worse terms than conforming conventional loans.Holding properties, when they are smaller single or multi family residential properties, is usually handled with insurance.
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31 October 2020 | 7 replies
@Sammie Baker - if you're using conventional financing (FNMA/FHLMC) you are required to have a 6mo seasoning period between acquisition date (deed) and the new note date (closing).
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29 January 2022 | 92 replies
But you're paying 5% instead of 3.5% or so from a conventional lender.