All Forum Posts by: Andrew Garcia

Hi @Dino Ca, short answer: yes, you can get a loan.

Long answer: it depends.

The biggest issue is going to be your income. Foreign income must be established and easily verifiable by a third party.

Your income must also show up on your US tax returns.

If it does not, you might have to go the non-QM route such as DSCR.

Any lender would need more information before telling you what you qualify for.

Hope this helps! Please let me know if I can be of any assistance.

Hi @Brodie J Meaux, I am assuming that you are going to sell the property 6 months after you buy (flip) or rent and refinance (BRRRR).

Either way, it is a short-term use of funds so a HELOC is probably your best bet.

The HELOC is going to have much better rates and fees compared to hard money.

The issue that you would run into is that you cannot access all the equity in your home. HELOCs typically go to 90%.

However, if you would like a referral to a lender that can do a HELOC at 97.5%, please let me know.

Hope this helps! Let me know if I can be of any assistance.

 @Julie Coleman, if you refinance as a primary, you could get something in the 5s depending on your scenario. That will obviously affect your cashflow but not as bad as a rate in the 7s.

It really comes down to whether you can utilize that cash better somewhere else. If you can, selling would be best. If you like this property and can handle negative cashflow for a few years, refinancing is likely the way to go.

Also, if you are moving into the property, your overall cashflow does not really change since now you are living on a reduced mortgage payment. Even if you pay $2,000 per month, that is a lot cheaper than going negative cashflow $200 per month on this and moving into a primary where you have a $3,500 payment. 

Then, once you decide to move out, the property will likely have appreciated so you could sell it for even more. Alternatively, you could keep it and it might be cashflow positive as rental appreciation takes effect.

Hope this helps! Feel free to reach out with any questions.

 @Zion Rogers, great question.

Lenders want two years of employment history. You do not have to be at the same job for 2 years. Since you have been at this job for 2 months, you likely have paystubs already. The lender will use that to calculate your income. The mortgage should be very low so unless you have a high amount of debt, you should be able to qualify even if you do not have a ton of income.

If you would like a referral to a lender that can help you, please let me know.

Hi @Elliot Mould, I can refer you to a lender that can do foreign national loans.

Feel free to shoot me a message so we can exchange information.

Hi @Milton Durstine, that bank is probably keeping their loans as a portfolio loan rather than selling them to Fannie/Freddie.

Therefore, they have their own guidelines. Fannie Mae and Freddie Mac have no problem refinancing a seller-financed deal.

However, you would have to wait 6 months from when you received the title of the property. Since it has been greater than 6 months, you do not have to wait.

If you refinance now and want to refinance with your preferred bank in 15 months, you can certainly do so.

If you would like a referral to a lender that can help you with this refinance, please let me know.

Hi @Rebecca Tong, it would depend on the neighborhood. Some neighborhoods value finished backyards. Others value greenery.

I would contact a local real estate agent familiar with your neighborhood to determine the answer.

Hope this helps! Let me know if I can be of any assistance.

Hi @Josh Salinas, I can refer you to a lender that can finance up to 90% of the purchase + rehab depending on a variety of factors.

They can also do the back-end DSCR or conventional refinance if you plan on keeping it as a BRRRR.

Hope this helps! Let me know if I can be of any assistance.

Hi @Zion Rogers, have you recently changed jobs or are you unemployed? If you just changed jobs but do not yet have a paycheck, you can still get a loan.

There may also be a DSCR lender that has a lower minimum but it would be very hard to come by.

Maybe try getting a cosigner with verifiable income then once you have a stable job, you can refinance to get them off the loan.

Hope this helps! Let me know if I can be of any assistance.

Hi @Paul Winka, former underwriter here.

Straight from the Fannie Mae Selling Guide:

The following property types are not subject to these limitations, even if the borrower is personally obligated on a mortgage on the property:

• commercial real estate,
• multifamily property consisting of more than four units,
• ownership in a timeshare,
• ownership of a vacant lot (residential or commercial), or
• ownership of a manufactured home on a leasehold estate not titled as real property (chattel lien on the home).

Therefore, it would all depend on whether the properties you currently have are considered commercial real estate.

A lender would have to take a look at the financing documents from the 15 commercial loans to see if they are truly considered commercial loans.

Unfortunately, it is not a cut-and-dry answer but there certainly is a case to be made that those 15 would fall under the "commercial real estate" exemption.

If you would like a referral to a lender, I would be more than happy to provide one. Feel free to shoot me a message so we can exchange information.

Hope this helps! Let me know if I can be of any assistance.