I finally made it. I have 10 mortgages in my name and 10 mortgages in my wifes name. Ive been reading about DSCRs for a little while and several of you have provided some great answers. Now heres my issue:

-I am out of golden ticket spots
-I owe about 60k on a property that is in both my wife and my name (early in the rental game, rookie mistake)
-My lender told me that she things a DSCR loan would count towards the 10 mortgage loans if I ever financed a 60k property my spots would already count as the DSCR.

Whats my best play here. Get a DSCR or pay off my property to open two golden ticket spots?

Bakersfield, California

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Stephanie P.

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#4 Mortgage Brokers & Lenders Contributor

Washington, DC Mortgage Lender/Broker

Stephanie P.

Pro Member

#4 Mortgage Brokers & Lenders Contributor

Washington, DC Mortgage Lender/Broker

Replied April 28, 2022 13:33

@Justin Smith

Congratulations on your success!!

The verbiage is 10 "financed properties". If you are financing a property, even in an LLC if it's personally guaranteed, it counts against you. It may not show on credit, but it will show on eventual lender's drive report.

Stephanie

Stephanie P.

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Matt Devincenzo

Investor
Clairemont, CA

Matt Devincenzo

Investor
Clairemont, CA

Replied April 28, 2022 13:49

If you refi to either FNMA or DSCR and get the property into only one spouse's name, then you open up a spot. If you pay it off then you open up two spots...whether one is better than the other you'll have to run the numbers to determine, but agreed that this is 10 'financed properties' including LLCs etc.

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NREIG