Advice on Loan Rates Needed

[Johanna Kerns]

I think we found our first deal!  We have been pre-approved for $880K at 7.65%.  This is buying down a point ($1495+$6000).  Credit score of 770.

Is anyone seeing better investor rates out there?

Thanks!

[Jon Puente]

Hey Johanna, 

I am going to be devils advocate here and challenge you to make sure you double check your numbers.  Not saying they are impossible or way off, however residential rates right now are at 7% for a primary residence (give or take .25% either way).

Normally DSCR and NonQM loans are 2% higher than that (roughly) given the nature of how NonQM loans work, and the fact that you are buying investment properties with DSCR loans (not primary residences).

I really hope I am wrong and its just a smoking deal! If it is, I would love to know what lender you are using so I can add them to my lender list.