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Updated over 1 year ago on . Most recent reply

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Michelle Brast
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DR Horton /Lennar Homes - Using their lenders Pros/Cons?

Michelle Brast
Posted

 I am looking at buying a new build for a long term rental property. Does anyone have any experience with DR Horton (DHI) or Lennar Mortgage? They are offering some great incentives, lower rates and closing costs. I am reading horror stories online from buyers who used their lenders. I am curious if any investors have any input/experiences?

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Nick Belsky
  • Residential and Commercial Broker
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Nick Belsky
  • Residential and Commercial Broker
Replied

@Michelle Brast

As a broker, I can honestly tell you that the builder's lenders are tough to beat. They can throw in things like upgraded countertops or longer life shingles that other lenders simply cannot do. The only time I've heard of bad experiences or beat them is if the borrower cannot qualify for conventional/agency financing and needs a non-QM solution such as Bank Statement or an Asset Depletion based loan. Most builder's lenders cannot do these and mostly effect self-employed folks who can't show adequate income on their tax returns. I've met a few who said their builder's lender could do it but at the end could not qualify them due their income and DTI. I was able to help with Non-QM solutions and not at as good of a rate. Other than these type of instances, I've not heard anything majorly negative in terms of their loan processes.

Cheers!

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Belsky Mortgage, LLC
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