ATTENTION: For Those who are serious about Getting Pre-Qualified FAST!
Bill Rapp, Mortgage Originator: NMLS 228246
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What People Are Saying:
Excellent Service
Bill is an exceptional loan officer. He helped us to purchase our home with very personal and professional service. He helped us navigate the whole process from start to closing without any problems. We didn't think we're qualified to purchase a house, but Bill went above and beyond to find a way to help us achieve our goal. He always responded very quickly with our requests, he would come back with different options with comparison chart to clearly indicate how much we need for down payment, monthly payments, interest rates, closing costs etc.
We would highly recommend Bill to anyone in need of lending services. In fact, we have already recommended Bill to one of our friends on purchasing a house.
--- David Chan - Houston, TX
Bank Statement Lending!
William Rapp of Network Funding, L. P. was very professional and I felt comfortable in dealing with him. I will definitely recommend him to family and friends.
--- Ian F - Missouri City, TX
Professionalism - Expert In Home Style Loan
Bill is an expert in the topic, his explanations and online material make a difference and he is always there from the beginning to the end. He is committed to make thing happen.
--- Felipe Caldern & Carolina Angel Gutierrez
Great Service!
Bill Rapp's handling of our loan (even though out of state) was unparalleled to any service I have been through prior, including 3 different real estate transactions and multiple refinances. Extremely quick close, with great options and flexibility for my families needs. All around A+
--- Chris & Beth Sheehan - San Jose, CA
Knowledgeable and Responsive!
Bill was a pleasure to work with and he made the loan process fairly easy. He answered all questions I had very quickly and was straight forward in doing it. I would recommend Bill to others.
--- Wes Brady - Richmond, TX
Very professional and always returned our calls!
Bill takes a lot of pride in his job and is very dependable. They were very patient and understanding. He went out of his way and explained all my questions and concerns. They were very professional and returned my phone calls and emails. He did a great job and I fully recommend him.
--- Therese, Malcom & Shirley Teixeira - Katy, TX
Great Job!
Bill helped us out from beginning to end of loan process. The loan closed in a timely manner as Bill worked hard with bank to get our to the final steps.
--- Kamal & Theresa Wilson - Hartford, CT
Avid Problem-Solver and Absolute Pleasure to Work With!
Bill Rapp worked very hard to ensure that we closed our loan and were able to move into our new home. He always had alternatives to any problems we encountered while closing. He worked with us from the beginning identifying solutions to any problems that we were having. He was an absolute pleasure to work with!
--- Nikita Rayani & Sanit Tejani - Houston, TX
Awesome to work with!
Being a first-time buyer I came in with lots of questions and concerns. Bill was always available for any questions I had and answered everything to my satisfaction. Bill made the loan process so painless that I could still concentrate on other things. We ended up closing early which made things even better. If you are in need of a lender and want someone who is very approachable and stays on top of your loan then Bill is your guy.
--- Cesar Raya - Richmond, TX
Loan Declined by my bank, and he saved the day!
Bill, did an amazing job helping me close on my house. He took the reigns and reassured me the best route to take to help close. He was accountable, thorough and trustworthy. I will continue to work with Network Funding, L.P. when it comes to home buying in the future because of the quality of service Bill gave.
--- Jacob Smith - Boerne, TX
Bill Rapp Will Definitely Make It Happen!
Bill is the most kind, patient and helpful person I have ever known. He answers his phone calls and emails promptly. You can ask him a million questions, and he will answer each and every one of them. Before I started working with Bill, I had been turned down for a home loan, because of some past credit issues I had, plus I was a single mother. However, once I started working with Bill, he was able to quickly get me a home loan, with a good interest rate. I would recommend that you call him, as he will help you.
--- Corinne Wilson - Roselle, NJ
Knowledgeable, Honest, Trustworthy, and Reliable!
"I will definitely keep you in mind. If anyone I know needs financing, I will send them your way!"
--- Jon & Andrea Saleem, CRPC Financial Advisor - Houston, TX
Best Dam Mortgage Guy a man could know!
"Hands down the best loan experience to date!"
--- Gabe & Chelsea Jackson - Pearland, TX
Phenomenal, Hard Working and Never Quits!
Had a stupid foreclosure that could have been avoided if ex’s attny would have sent my buy out offer. So Bill was able to push this through with a 4 year foreclosure. He worked his butt off, was very diligent with his communication; and was very professional talking to me even when I was screaming and/or crying at him. Highly recommend this lender. He really go to the ends of the earth to help you!
--- Liz Keeter - Harlingen, TX
Exceptional customer service!
Bill is the most kind, patient and helpful person I have ever known. He answers his phone calls and emails promptly. You can ask him a million questions, and he will answer each and every one of them. Before I started working with Bill, I had been turned down for a home loan, because of some past credit issues I had, plus I was a single mother. However, once I started working with Bill, he was able to quickly get me a home loan, with a good interest rate. I would recommend that you call him, as he will help you.
--- Isha Lopez & Mauricio Garcia - Houston, TX
Service with a capitol S
Bill went above and beyond at every turn. He worked late on Saturday, he worked late all the time. We wanted to close ASAP and he really helped make it happen for us.
--- Jeff & Wendy Heger - Houston, TX
Best Buying Experience!
I would would highly recommend going with Network Funding LP. As a first time home buyer I didn't know what to expect. Bill Rapp was very helpful in answering all my questions and guided me through all ghe steps. I couldn't have asked for a better buying experience!
--- Tabitha Turner - Humble, TX
Would recommend him and use him again!
Very involved and professional . Kept me informed and up to date on everything that was going on Went with me closing and was very helpful and knowledgeable.
--- Kathy Ward - Houston, TX
Great experience!
Well I meet bill back in December 2016 he got recommended by my real estate agent we had a house in sight and started the process to get approved but we fail due to my work history and credit bill told me not to give up and put me in contact with a credit repair company they help me bring my score up and bill walk me thru the process of getting a new line so this time around we got approved before looking for our house after we found it we still had a couple of hick up but with bills help on Sunday 6-18-17 to be exact Father's Day bill called me to give me the great news that we had got approved and the closing date was as scheduled bill was more than just a lender to my family he became a friend and I'm alway going to have him in mind for any other financial situation.
--- Alejandres Felimon - Richmond, TX
I really liked his attitude!
I wouldn't usually say this but the way he had handled my mortgage was really pleasant. I personally enjoyed the time spent with him while we discussed feasible rates. He's a great man with a great personality and he offered really low interests as well. Definitely recommend him to others.
--- Tom Troiano - Atlantic City, NJ
He's nothing short of a miracle!
I'm a self-employed businessman and had him figure out the mortgage of the house after 30% down payment. The interest rates I received were incredibly low given what I had thought of earlier. One other important thing to note was that I hadn't really taken any loans earlier, so I had no credit history. He helped me out with all that as well so I can't really call him anything else but a miracle.
--- Fran Suarez - Cleveland, OH
He's really helpful!
I made a bid to him and the very same day he gave me an offer which I couldn't resist. It was too intimidating with those incredibly low interest rates and all, thoroughly recommend him.
--- Kenny Mickle - Houston, TX
Expeditious!
Bill was very expeditious and made it real easy going through the loan process. I felt he was on top of things.
I deal with investment properties and will more than likely call on him again.
--- Wayne King - Pensacola, FL
Bill was great!
Bill made us feel like a friend all the way thru the process. He was patient and explained everything he needed clearly. He was available ANYTIME we had questions or needed more information. Hopefully we won’t go thru this process again anytime soon, but if we do - we’d choose Bill! =)
--- Barbra & Nick Grimmer - Austin, TX
Great broker!
Bill was a great broker to work with. As first time home buyers we had many questions about the process, Bill took the time to help us even calling us back on weekends with answers. I would not hesitate to recommend him to anyone looking for a broker to work with.
--- Murray & Lisa Turner - Pensacola, FL
Outstanding service!
I couldn't have been more pleased with Bill's level of service. He made what is typically a lengthy, arduous process far quicker and easier at every turn. I'm extremely comfortable recommending Bill to friends and family, and will definitely utilize his services again!
--- Jim Lipari - Austin, TX
Step-by-Step Guide to the VA Loan Process
6 Easy Steps to a VA Loan
For many borrowers, applying for any kind of mortgage may seem daunting.
But, when broken down, this rundown of 6 steps to getting a VA loan is easy to understand.
1. Select a VA-approved Lender
On the surface, it might appear that any lender will do. However, if you dig a little deeper, you may discover that not all lenders are the same. First, only lenders approved by the U.S. Department of Veterans Affairs can originate VA mortgages. Secondly, some lenders focus primarily on conventional loans, while others concentrate almost exclusively on the VA loan program for military clients. Using a VA specialty lender with extensive knowledge about the VA loan process vs. a lender who only funds a few VA mortgages a year may translate into an easier and quicker loan process. To connect with a VA specialty lender, please click here.
2. Obtain a Certificate of Eligibility (COE)
An experienced lender can help you obtain what’s called a Certificate of Eligibility (COE). The COE will prove that you meet initial eligibility standards for VA loan benefits. It will also let the lender know how much entitlement you can receive, which is the amount the Department of Veterans Affairs will guarantee on your VA loan. To get your COE, you’ll need to give your lender a bit of information about your military service. Usually, a COE can be acquired online instantly through a lender’s portal or through the eBenefits portal on the va.gov website. Those servicemembers or surviving spouses whose COEs cannot be obtained online will have to get theirs by mail. A VA lender or the VA can help direct you to the right resource for your specific situation.
3. Pre-Qualify for Your Loan Amount
Pre-qualifying is important, but not required. By choosing to complete this step you can save some time and potential surprises later in the process. To pre-qualify for your loan amount, you’ll have a candid conversation with your VA loan professional about your income, credit history, employment, marital status and other factors. Giving your lender complete details during the pre-qualifying step can help prevent surprises later during underwriting. The pre-qualifying step can also reveal areas that need improvement before you can be approved, such as credit or debt-to-income ratio. While a prequalification letter gives you a ballpark price range for house hunting, it does not guarantee that you will be approved for a loan, and your lender will later have to verify the information you provide. To get a loan requires later final approval by underwriting once all documents have been received and reviewed (see Step 5).
4. Go House Hunting & Find Home
The fourth step is usually one borrowers enjoy because they get to look at homes they might consider buying. Working with a real estate professional who specializes in the VA process can help you get the most out of your benefits. This is true because the VA allows certain fees and costs to be paid by the seller (if both you and the seller agree), and a knowledgeable agent will know this and help you negotiate seller-paid fees. Once you’ve got a signed purchase agreement, you can move forward in the VA loan process.
5. Lender Processes Application
& Orders VA Appraisal
A signed purchase contract is the document you’ll need to finish your initial application. Once your lender has the contract, they will order the VA appraisal. Here again, not just any appraiser will do. Only a professional who is certified to perform appraisals to VA standards can evaluate the home being considered for VA financing. The VA appraiser will make sure the price you’ve agreed to pay for the home corresponds with the current value. Another very important part of the VA appraisal is to inspect the home to make sure it meets the VA minimum property requirements (VA MPRs). However, the VA appraisal does not take the place of a home inspection, which focuses on code violations, defects and the condition of the property. While many borrowers have heard horror stories about the length of the VA appraisal process, the Department of Veterans Affairs gives the appraisers 10 days from order to completion barring extenuating circumstances. While you’re waiting for appraisal documents, you’ll be busy submitting documents of your own to your VA-approved lender to show you have the ability to qualify for the loan. If the home passes appraisal for value and VA minimum property requirements, and it’s verified by the lender that you qualify for your loan, the underwriter will give his or her stamp of approval.
6. Close on Your Loan and Move In
After being approved by the underwriter, all that is left to do is close and move in. During closing, the property legally transfers from the former owner to you. Closing is a step that requires you to sign documents that confirm you understand and agree to the terms of the loan. You will need to provide proof of homeowners insurance and, if required, pay closing costs. Once you’ve signed all your closing documents, you’ll get the keys to your new home.
While these steps may not happen in the order above or be a required part (such as prequalification)*, they represent the typical process for the applicant in obtaining a VA purchase loan. Your lender may need to take other steps. For more information about VA loans, contact an experienced VA-approved lender.
My best advice to you is to call Bill Rapp, the Mortgage Viking, today to discuss your options 281-222-0433.
🏠 Buying a Duplex, Triplex or Fourplex in Houston: Your 2–4 Unit Financing Guide 💰
🏠 Buying a Duplex, Triplex or Fourplex in Houston: Your 2–4 Unit Financing Guide 💰
🚀 House Hacking in Houston: How to Finance a Duplex, Triplex or Fourplex 🏡
Buying a Duplex, Triplex or Fourplex in Houston: Financing Options
Buying a duplex, triplex or fourplex in Houston can provide something a traditional single-family home cannot: the opportunity to combine homeownership with rental income and real estate investing under one roof.
For an owner-occupant, a 2–4 unit property can potentially allow you to live in one unit and rent the others. For an investor, small multifamily properties can provide another path toward building a rental portfolio without immediately moving into larger commercial multifamily financing.
The key is understanding that how you intend to occupy the property can dramatically affect your financing options.
At Medallion Funds, we help Houston-area homebuyers and real estate investors evaluate mortgage structures based on the property, occupancy, borrower profile and investment strategy.
Why Houston Buyers Are Interested in 2–4 Unit Properties
A duplex, triplex or fourplex sits in an interesting position in real estate finance.
Properties containing one to four residential units are generally treated as residential properties for mortgage purposes, while properties with five or more units generally move into commercial multifamily financing.
That makes 2–4 unit properties especially interesting for buyers who want to start building a real estate portfolio.
Imagine purchasing a Houston triplex and living in one unit while renting the other two.
Instead of buying a home that only creates a housing expense, you're purchasing an asset with the potential to generate rental income at the same time.
This strategy is commonly called house hacking.
Option #1: Conventional Financing
Conventional mortgages can be an attractive option for qualified buyers purchasing duplexes, triplexes and fourplexes.
Depending on the loan program, borrower qualifications and intended occupancy, conventional financing may be available for both owner-occupied and investment properties.
An owner-occupied transaction can be particularly interesting because you're buying the property as your primary residence rather than strictly as a rental investment.
That distinction can affect several underwriting variables, including down-payment requirements, pricing, reserves and how rental income may be considered.
For buyers with strong credit, documented income and sufficient assets, conventional financing should generally be one of the first structures evaluated.
Option #2: FHA Financing for Owner-Occupants
FHA financing can provide another route into a 2–4 unit Houston property.
The major distinction is occupancy.
FHA financing is designed for primary residences, so the borrower generally needs to occupy one of the units as their home.
That can make FHA particularly relevant to first-time buyers and aspiring real estate investors who want to pursue a house-hacking strategy.
However, buyers should not assume every multifamily property automatically qualifies. FHA underwriting, appraisal requirements and additional requirements applicable to certain multifamily transactions must still be evaluated.
The lesson is simple:
Choose the financing strategy before you choose the property whenever possible.
Option #3: VA Financing
Eligible veterans, active-duty service members and certain other qualified borrowers may want to consider VA financing for a multifamily property.
VA financing can potentially be used for properties containing up to four residential units when applicable VA occupancy and underwriting requirements are satisfied.
That can create a powerful opportunity.
A qualified veteran could potentially purchase a duplex, triplex or fourplex, occupy one unit and generate rental income from the remaining units.
Because VA loans have unique eligibility and underwriting rules, however, the transaction needs to be structured correctly from the beginning.
Option #4: Investment Property Financing
What if you don't intend to live in the property?
Then you're generally looking at an investment property mortgage rather than owner-occupied financing.
Traditional conventional investment financing can work well for borrowers with strong personal income, credit and liquidity.
But investors should expect underwriting to look different from an owner-occupied purchase.
The lender may evaluate factors including:
·Credit profile
·Down payment and loan-to-value
·Personal income and debts
·Property rental income
·Cash reserves
·Existing real estate obligations
·Overall borrower risk
The appropriate structure depends heavily on the investor's financial profile and portfolio.
Option #5: DSCR Loans
For real estate investors, another potential option is a DSCR loan, or Debt Service Coverage Ratio loan.
Rather than relying primarily on traditional personal-income documentation, DSCR programs generally focus more heavily on the property's qualifying rental income relative to its housing expense or debt obligation.
That can make DSCR financing particularly useful for self-employed investors, business owners and borrowers building larger rental portfolios.
Program requirements vary significantly between lenders, however. Loan-to-value limits, minimum DSCR requirements, reserve requirements, credit standards and property eligibility can all differ.
This is one reason working with a mortgage broker can be useful: instead of assuming one lender's guidelines represent the entire market, we can evaluate the transaction against multiple potential financing structures.
Can Rental Income Help You Qualify?
Potentially, yes.
This is one of the most important concepts for someone considering a Houston duplex, triplex or fourplex.
Depending on the mortgage program and underwriting requirements, eligible rental income from the additional units may be considered during qualification.
However, borrowers shouldn't simply multiply the advertised rent by the number of units and assume all of that income will count.
The lender may consider leases, appraisal market-rent schedules, occupancy history and program-specific calculations.
Qualifying rental income and actual cash flow are not necessarily the same number.
That distinction should be understood before making an offer.
House Hacking vs. Pure Investment: Decide First
There are two fundamentally different strategies.
House hacking means buying the property as your primary residence, occupying one unit and renting the others.
Pure investment means purchasing the entire property for rental purposes without occupying it yourself.
The same Houston fourplex could potentially produce very different financing scenarios depending on which strategy you choose.
That is why financing should be part of the acquisition strategy—not something you investigate after signing the contract.
Don't Evaluate the Property Based on Rent Alone
Rental income is important, but sophisticated buyers should look deeper.
Consider property taxes, insurance, maintenance, vacancy, repairs, utilities paid by the owner, property management and capital expenditures.
Houston-area investors should pay particularly close attention to property taxes and insurance, because both can materially affect monthly cash flow and mortgage qualification.
A property producing impressive gross rents isn't necessarily producing impressive net income.
Run the Numbers Before Making the Offer
Before purchasing a duplex, triplex or fourplex, evaluate at least three questions:
Can I qualify for the mortgage?
What will my estimated monthly housing expense be?
What does the property look like after realistic rental income and operating expenses?
For an owner-occupant, you should also calculate your potential net housing cost after rent from the other units.
That's where house hacking can become compelling.
Instead of asking only, “Can I afford this property?” ask:
“What will this property actually cost me to live in after the other units generate rent?”
Why Work With Medallion Funds?
Financing a 2–4 unit property involves more variables than purchasing a typical single-family home.
The best loan isn't necessarily the program with the lowest advertised interest rate.
The better question is:
Which financing structure best supports your acquisition and long-term investment strategy?
At Medallion Funds, we can help evaluate conventional, government-backed and investor-focused financing strategies to determine which available options fit the transaction.
Whether you're a first-time buyer considering a Houston duplex or an experienced investor adding another fourplex to your portfolio, the financing should be structured around what you're trying to accomplish.
Ready to Explore a Houston Duplex, Triplex or Fourplex?
Before you start shopping, let's evaluate the financing.
Understanding your potential loan amount, cash requirement and financing options beforehand can put you in a much stronger position when the right property appears.
Bill Rapp
Partner & Director of Capital Advisory | Medallion Funds
Commercial Lending Nationwide
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