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David Widlund's Advice

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  • 275 Contributions
  • 9 Best Answers
  • 65 Helpful

David Widlund wrote:

As landlord for single high-end rental residence, can ad target specific audience?

Answer
You must abide by Equal Housing Opportunity regulations. You may disqualify someone due to their credit report, their background check, or their ability to pay, but not on prohibited criteria. The laws are extensive so read each of them here, and consult with a real estate attorney if you don't fully understand them. The question as you worded sounds very slippery and potentially dangerous. If by specific audience, you mean high-net-worth individuals, with good credit, you should be fine. But getting too specific means you know your Equal Housing laws, or could be in jeopardy of violating them and earning some very hefty fines or even civil penalties.
May 18
(0)

Anyone know of a way for someone who has great credit and balance sheet but no job to get a mortgage

Answer
Balance sheet is a very odd term for his assets. Does he earn enough monthly income from his rentals and his "balance sheet" each month to have a debt-to-income ratio of 43% or less? If so, he could be eligible. There are a handful of portfolio programs that will amortize his assets and use them to qualify. But a "good balance sheet"'certainly doesn't give enough information to answer your question reasonably.
February 16
(0)

Will I be approved for a home loan?

Answer
If you are working in the field you studied, you're good to go. Give one of us a call and we will get you a lender letter so you can get shopping.
December 10 2013
(0)

Refinance 4-Plex Income Property

Answer
There are maximum loan amounts on conforming loans, but as long as it fits within them, that shouldn't be an issue
December 03 2013
(0)

If you get an approval pending conditions and fulfill all conditions listed can you still be denied?

Answer
Not typical, but not unheard of. A conditional approval means that if you can satisfy the conditions set by the underwriter, and satisfy the concerns the underwriter had with the loan, then it will close. It doesn't mean that you're approved, but rather gives you a list of items that will also be considered to clear up any question marks about the overall compliance with requirements. Your agent should have been in contact with the lender/loan officer to ensure that all conditions have been cleared in time for the loan conditions deadline, and either requested an extension on the deadline, or cancelled the contract to protect your earnest money. That is not to say that the loan officer wasn't at fault for taking longer than expected, or not effectively communicating that your loan was not fully approved in time for the deadline. But in my opinion, your agent is responsible for ensuring that your deadlines are met, extended or the contract is cancelled. The exception would be if the loan officer lied to the agent saying that the file was fully approved. You may still have a chance with another lender, who would be willing to underwrite the file prior to making an offer. Then you won't have to worry about your final approval. Good luck
November 23 2013
(1)

What type of morgage?

Answer
I agree with Justin. I'm not aware of a 15% down program for an investment property like he mentions, but it's possible someone has a program for that. The least I'm aware that you can use as a down payment on an investment is 20%, but there is significant rate improvement when you put down 25%.
November 21 2013
(0)

Are HOA transfer fees legal?

Answer
Yes. Happens on all of them.
October 21 2013
(0)

Medical Resident loan

Response
I've done first-time homebuyer loans for oncoming residents several times. FHA does allow for you to use income from your offer letter or contract as qualifying income with 3.5% down. You have to be within the time frame for your first check to arrive before your first mortgage payment. But it isn't necessary that you have begun. From what you have stated, you should have no trouble getting this financing as long as you meet the timing described above. Let me know if you have further questions. Good luck!
October 12 2013
(0)

Bankruptcy, 684 FICO, Non-traditional financing?

Answer
FHA has very recently changed its stance on lending to people with bankruptcies. I believe it has been a 3-yr wait after BK to get a mortgage. But the new rule allows for a new loan after only 12 months. There is a requirement however, that you can prove a 20% reduction to your income at or around the time of the BK filing. There may be some other qualifiers that will allow you to get a loan after 12 months. I'll try to look into it tomorrow. As for non-traditional financing, I'm guessing from the overall silence on this thread that there isn't much out there. I've heard that it's possible to get a private (hard-money) loan on a house that you don't live in. But I have my doubts. The regulations on primary residential lending make it very difficult for a private lender to meet all of the requirements and still have a reasonable profit margin when balanced with the risk. If anyone else has a portfolio product which fits the bill, I'm sure they'll chime in. Good luck
September 29 2013
(0)
 
 
 
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