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Updated 17 days ago on . Most recent reply

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Jadon Grant
  • New to Real Estate
  • Gilbert, AZ
1
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Help! I can't get pre-approved!

Jadon Grant
  • New to Real Estate
  • Gilbert, AZ
Posted

So, my business partner and I have run into a little bit of a roadblock. Finally got done building personal credit enough to seek pre-approval (as I have only just turned 21 years old). I have been asking around to different lenders, both Conventional and DSCR, and have been asking what kind of criteria I need to meet in order to apply for pre-approval confidently. To which I have been told that we would need around 25K-30K in liquid assets in order to be approved. This seems ridiculous to me considering that's almost 40%-50% of the loan we are seeking. Any advice from you guys?

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281
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Andrew Zamboroski
  • Lender
76
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281
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Replied
Quote from @Jadon Grant:

So, my business partner and I have run into a little bit of a roadblock. Finally got done building personal credit enough to seek pre-approval (as I have only just turned 21 years old). I have been asking around to different lenders, both Conventional and DSCR, and have been asking what kind of criteria I need to meet in order to apply for pre-approval confidently. To which I have been told that we would need around 25K-30K in liquid assets in order to be approved. This seems ridiculous to me considering that's almost 40%-50% of the loan we are seeking. Any advice from you guys?

You’re normally looking at 20-25% down on a DSCR loan, closing costs, and reserves. As others have said, these help ensure you have funds needed for items that arise during the process of being a landlord.

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