investment: How to Rock a Family Opportunity Loan
- 05/04/22 08:49 PM
How to Rock a Family Opportunity Loan
Looking to purchase or refinance a home for your elderly parents who wouldn't otherwise be able to obtain a mortgage on their own?
Looking to assist a disabled or special needs adult child with housing or his/her own?
Or how about putting a college-bound child into off-campus housing that you decide to purchase?
All of these are both common scenarios and often difficult ones as viewed by the inflexible guidelines in the mortgage industry. Until now...
The Family Opportunity Mortgage can be a great way to thread the needle of otherwise detrimental occupancy requirements for primary homes, second or … (4 comments)
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investment: N/O/O: Jumbo Mortgage's Scarlet Letters
- 05/02/20 07:59 AM
N/O/O: Jumbo Mortgage's Scarlet Letters
May 1, 2020
Day 46 of Shelter-in-Place
If you are a real estate investor at this time, in this market and looking for a jumbo mortgage to buy a non-owner occupied home (N/O/O), you may feel like our industry sees you with a scarlet letter(s) on your chest. Before the pandemic, everybody wanted to talk to you, but now...now, you cannot find a mortgage lender to make you a jumbo loan. Many of the options that existed before are gone. The ones that remain have been restricted, their guidelines whittled down to the ultra-conservative. Each day, you struggle to … (1 comments)
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investment: Investment Property Jumbo Mortgage with Low Down Payment
- 07/07/19 09:22 AM
Investment Property Jumbo Mortgage with Low Down Payment
Since I'm in California, and property values where I live and work tend to be on the, shall we say, higher side, residential real estate investors --- those looking to purchase a home of 1- to 4-units to be used as an income-producing property --- can sometimes be limited in their attractive jumbo mortgage options. This is especially true if they are looking to keep their down payment as low as possible. Many potential rental property buyers are told flat out that even a 20% down payment is California dreamin', and that a jumbo … (0 comments)
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investment: What Is a Debt Service Coverage Ratio Mortgage?
- 06/04/19 07:50 AM
What Is a Debt Service Coverage Ratio Mortgage?
Real estate investors have long turned to private money loans when conventional mortgage lenders have determined that either they, with their multiple property holdings, or the properties they are looking to buy, pose too great a risk. But for its benefits of closing quickly and not involving an intrusive qualifying process based on ability-to-repay (ATR), hard money loans are expensive and most often have terms that require the investor to refinance or pay off the loan in the short term --- not an ideal fit for those who own, or are building, a portfolio … (1 comments)
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investment: Rental Income from Accessory Units? Hot or Not?
- 04/16/19 07:10 AM
Rental Income from Accessory Units. Hot or Not?
I don't know about where you live, but here in Marin County, accessory dwelling units ("ADU"), also known as accessories, 1+'s, granny units, in-law's, mother-in-law's, etc., are all the rage. When we discuss remodel projects with our clients, adding an accessory is often high on the list. After all, if permitting allows, the thought of having the extra space to accommodate guests, parents or children, short- or long-term renters or maybe just create the proverbial doghouse in marriage under the strain of any/all of the above, can be appealing. But from a mortgage guideline standpoint, … (4 comments)
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investment: Landlord Horror Stories
- 01/13/19 04:51 PM
Landlord Horror Stories
Though you may be disappointed and feel misled, we're not actually going to focus on landlord horror stories here. Instead, we are going to talk about the nuances of getting home financing on the purchase of an investment property which, if done improperly, can certainly take on the stuff of nightmares. If you're thinking of making the leap into rental property ownership and becoming a landlord yourself, there are some things you need to know about how the mortgage industry will treat your loan application. And this treatment could be quite different from your previous experience with financing your … (5 comments)
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investment: Calling Up Your Asset Reserves
- 04/11/18 07:12 AM
Calling Up Your Asset Reserves
Whether or not you believe that the United States presently has a "border crisis," I'm sure most of us take comfort in the fact that our country can rely on its reservists to step in where and when needed and lend additional support to our nation's active military. And it's not too much unlike this in the lending industry when a borrower seeks to obtain some kinds of mortgages --- especially jumbo loans, which have amounts that exceeds the conforming loan limits in any area.
The active military of any loan qualification, in our example above, would be the … (7 comments)
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investment: 1031 Exchange Jumbo Mortgage
- 03/13/18 08:17 AM
1031 Exchange Jumbo Mortgage
If, indeed, there are two certainties in life, death and taxes, then real estate investors just might have found their Juan Ponce de Leon in the 1031 exchange, which allows them to defer capital gains taxes on the sale of a rental property so long as they reinvest the proceeds in a "like-kind" purchase. Spared the death of writing a large check to the IRS, they can find the fountain of youth in a new investment --- always with the proceeds of the previous sale and sometimes with the addition of a new jumbo mortgage. Since our fabled 1031 … (1 comments)
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investment: Foreigners Have Been Waiting for a Loan Like This
- 10/17/17 07:34 AM
Foreigners Have Been Waiting for a Loan Like This
California has both a dynamic and desirable real estate market and in the recent years we've seen an influx of foreign buyers. Despite the headlines such as, "Chinese Billionaires Snapping Up San Francisco Real Estate with All Cash Offers 150% Over Asking...," I can attest that not every foreign buyer is able to purchase real estate with a Louis Vuitton suitcase bursting full of hard currency. In fact, many of them seek mortgage financing for any number of valid reasons and when they do, we are often able to help.
Foreign nationals are citizens … (4 comments)
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investment: All in the Family Opportunity
- 09/19/17 07:42 AM
All in the Family Opportunity
I was just trying to help the guy out. He wanted to refinance his mortgage but his credit scores and debt-to-income ratio prevented him from doing so. His response was not all that unusual. "This makes no sense! I'm already paying the higher mortgage so why won't you let me get a lower payment? Do you think I'm going to have trouble making the lower payment?"
Look, I see the logic here. But I had to explain that the CFPB and our "looking-out-for-the-consumer" regulators have clearly dictated to us lenders what we can and cannot do and if you don't qualify for … (6 comments)
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investment: One (Unit) is the Loneliest Number
- 09/18/16 07:41 AM
One (Unit) is the Loneliest Number
Have you noticed the convenient trend of pegging the millennial generation as either permanent couch surfers or hoodie-wearing, 20-something millionaires? Well, which is it? Are they going to be forever confined in impecunity to their parents’ basements or are they going to snap up that funky, San Francisco Victorian for $3+ mill with their stock payout, wall it off and inspire the envy of "The Social Network" himself?
The answer is, “I have no idea.” But a pattern I do see emerging is one where the economically viable
younger set, especially here in the San Francisco Bay … (2 comments)
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investment: To Airbnb Or Not To Airbnb...
- 07/19/15 01:34 AM
To Airbnb Or Not To Airbnb...
...is anybody even asking the question? Shall we then conjure The Bard to determine not whether renting out some or all of your home(s) through Airbnb or VRBO is a good idea itself, but once done is done, to know how thee mortgage lenders may view thine income? Whilst the "collaborative consumption" economy may be in full, progressive and dynamic bloom, a rose by any other name, like the mortgage industry for example, can be quite slow to see the light. True, our dagger may well be perceived dull held alongside the cutting edge of the Uber-net.
So to venture … (82 comments)
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investment: Who's the Expert Now? Investment Property Financing Made Simple
- 05/19/14 08:42 AM
Who's the Expert Now? Investment Property Financing Made Simple
Expert Beacon reached out to me some time ago about writing an article about determing how much one can afford when buying a home. I was happy to give them a try and we followed up with a second piece on how to get a home loan when self-employed. I think both topics come up frequently for the homebuying public. I recently just finished my third subject for them, "How to Successfully Get a Mortgage for Your Investment Property." It is embedded below:
I believe Expert Beacon is … (2 comments)
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investment: The Price Is Not Right
- 03/06/14 06:44 AM
The Price Is Not Right
One thing I'm seeing a lot more of these days, and this can largely be attributed to a lack of available homes for sale here in Marin County, California, is that buyers are being forced higher in price, or lower in home quality. Both outcomes, if played to their logical conclusions have ramifications for those looking to get a mortgage. I covered RPM's down payment funding program, REX, in a separate blog post. REX permits a buyer to reach higher in price point without taking on additional debt or expending more of their assets than … (1 comments)
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investment: Financing Multiple Properties
- 01/14/14 02:24 AM
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investment: Financing Between Five and Ten Properties
- 12/31/13 03:27 AM
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investment: Cash Out Refinance of Free and Clear Property
- 08/09/13 01:06 AM
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investment: The Perfect Vacation (Home)
- 06/30/13 01:22 AM
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investment: How to Buy Rental Property
- 01/24/12 07:42 AM
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investment: Do You Know Your IPC's?
- 01/13/12 05:28 AM
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How to Rock a Family Opportunity Loan
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