Luke Carl
DTI is 2% to High at 47%
Trying to push this loan through. It's all set to go but I'm at 47% and they need it to be 45% to meet Fannie. Purchase price is 149k and the system is aproving me for something like 139k. Any quick tricks or tips to ...
Jessica Frisk
7/1 ARM vs 15 year fixed on duplex
We have just entered into contact on an investment property duplex. We can get a 7/1 ARM at 5.35% with $12,000 in closing costs or 6% with $7,100 in closing costs. Alternatively, we can get a 15 year fixed at 5.25% wi...
Kerry M.
Why a 7 year loan?
Hi - I have spoken to two bankers. The first is with a major bank who was talking about a 20 year mortgage. The second, a local smaller bank, without an application and over the phone, mentioned a 7 year 'abundance ...
Horacio Gutierrez
How does a ARM 5/1 loan work
In a 5/1 ARM loan can the bank agree to a higher fixed interest rate for a 30 years mortgage when the 5/1 ARM loan is setup or do you have to wait after 5th year and then you will need to refinance into 30 year fixed ...
Kim Handelman
Need some creative ways to get my mom into a duplex - think house hacking.
Hey Folks,My mom has no retirement. Despite years of telling her to save she just hasn't. She is 72 and with health problems is now in a place where working every day is just too much. She has $200,000 equity in her O...
Chris Platis
Portfolio Lending Financing Questions (w/mobile home on property)
Hi BP!
I have a unique home purchase scenario which has led me to the world of portfolio lending. This will be my first home purchase so I am hoping to run a few questions by you. First, I'll give a bit of insight i...
Julie Groth
Can I list it as broker?
I have a brokerage company. Also, have a house that I want to buy and short sale. It has been previously listed but not anymore. Can I list it under my brokerage company to satisfy the lender that it is listed? The...
Jarod B.
Commercial loan options
Purchasing a package of SF homes using a commercial loan.
Options include
15 yr Amortization
7/1 ARM 4.75%
10/1 ARM 5.25%
15 fixed 6.5 %
Considering the current lending environment, which would be the better o...
Mark Perea
Bank recalling a loan
What are the questions I should be asking the lenders. I’ve herd of people getting their loans recalled back at a moments notice.I’m just very cautious. I am going too the closing table next week.
Tara Davis
Buy another duplex or pay off rehab debt?
Hi all,I'm a newbie in Michigan...just bought my first duplex 6 months ago. I have a great tenant in one side who is 6 months into a 2 year lease and I live in the other side. I'd love to buy another duplex after my o...