Take Two! DSCR loans for newbie investor w/downpayment but maxed out DTI

[Jon Dawes]

Hello! I have (had?!) a plan to refinance our current mortgage as well as get a HELOC. Apparently our DTI is too high for the HELOC so we can do a cash out refi but that is less desirable because it means we cannot then get the loan for the rental property despite having 25% down. The HELOC was primarily to be for investing in real estate. Next year our DTI might look better. Our credit scores are 700 and 800ish, respectively.

I was wondering about securing a DSCR loan for the investment property. We are/were hoping to put a $60-70k down payment on a higher-end 'A' new build property with Rent to Retirement as I really like their business model/community, rather than a smaller down payment on a refurbished property in a 'C' area.

Are there 'preferred' DSCR lenders folks here in the BP community have utilized?

Hopefully there is some sense in this post!

(Forum Admins please delete previous post if possible. I inadvertently restricted who could reply....so that not even I could reply to my own post.)

[Zach Lemaster]

@Jon Dawes 

All of us at Rent To Retirement are looking forward to working with you and helping you find the right lending option that best suites your needs. We appreciate the shout out! I'm sure some folks on BP will provide their top DSCR recommended lender (along with many lenders themselves commenting). We will be sure to share the list of lenders we have as well that can help you accomplish your goals based on the lower down payment you are looking for. We do currently have some lenders that do all sorts of low down payment options to get you to as little as 0% down in some cases (with RTR subsidizing part of your down payment). All things we will discuss during our call.