All Forum Posts by: Austin Clarence

I just helped a buyer closed on a 15% DSCR in Houston (it was a 4plex). A buyer I connected with through Bigger Pockets actually. Most lenders want 20% minimum for DSCR, but some will do 15% down if you have at least a 1 DSCR Ratio. I have access to 7-8 lenders who will do 15% down.

To go this low, you will need sharp credit and solid rents. Otherwise the cost/fees for doing 15% will be excessive. 

Yessir that is fine. Lenders will ask what you were doing before.  Were you in school or training, or out for medical reasons. Can you go back years before and find previous work history? There are a lot of ways to meet the requirement 

@Derek Tschilar 's wheelhouse 

Hi Sophie,

I own and operate a STR here in Scottsdale and specialize in financing for STR properties and would love to be a resource. I'd also be happy to offer agent recommendations that have lots of experience in STR also. You can also try the Find an Agent feature at the very top of the Bigger Pockets website.

 Hi Ignacio, I have been using Harrison for years. He is based here in Phoenix and owns several rentals. He mostly works with RE clients. He will make you feel confident when filing and knows his stuff. 

Harrison GreenbergPartner, The Greenberg Group
415-350-5306The Greenberg GroupHarrison Greenberg

Zillow pulls a background check and credit report as soon as they apply. I try to get them to apply before I show them the house. I try to get it in ASAP before I put a lot of time into coordinator with potential applicants who might not be ideal tenants. 

Hi Kristi,

VA loans do have flexible debt to income ratio requirements, unlike every other loan. So assuming your son has low debt, then he should be able to qualify for a house in the low $300K range.

If he opts for a townhouse, a low HOA fee will help his buying power

It gets tricky using lease agreement income when purchasing a house so I do not think that idea will work. If his roommates are in the military like him then they can be on the VA loan. Let me know if you or him has any more questions.

 Yessir, 2nd position is fine.

Hi Dominic, yessir I have several options for HELOCS for rental properties. I just helped a client close on one for a LTR last month.

I am based here in Phoenix and I am with the largest mortgage brokerage in the US. Would love to connect and answer any questions you have 

Hi Brian, I wouldn't worry too much about refinancing from FHA to Conventional for the sake of buying a house with another FHA loan. You can still have 2 FHA loans although specific conditions must be met.

The biggest advantage to FHA is you can do 3.5% down as opposed to Conventional's 5%. So if you are going to do another 5% down then the FHA component matters less. Let me know if you have any other questions