DSCR Loan options

[Jemma Jacques]

Hi there,

I am looking to buy a set of 3 duplexes (that are $125k each) Id like to buy either one or all of them, wondering if I buy 2 or three if I can roll them into one DSCR loan to save on all the fees. Also what qualifies if the location is rural? (Location is about 50 mins from metro city in a smallish town)

What are the current rates and fees pls and best companies to work with.... Thanks

[Jason Wray]

A Loan officer cannot alter their loan officer compensation it would violate the LO Comp rule under the "Dodd Frank" regulation.  The only way you could pay less is if the lender/loan officer agreed to have another loan officer in the office to close one or more of the deals who was on a lower compensation plan.  

Every loan officer is paid based on a percentage I have seen it range from .75 up to 3.50% which means that margin is added to your rate.  You typically see lower rates and fee's when you use a Bank versus a Lender or Broker.

Even though its a very "Grey" area I have seen some managers agree to cover the appraisal or drop a hard cost fee.  If that branch or lender gets audited they are going to pay a fine though so thats why most do not reduce fee's.  It's so there is a fair and even playing ground and what person is not paying more versus the "other guy".