All Forum Posts by: Marc Dube

you can do a 2nd home purchase with 10% down and a 700 score,  but John is correct. You'll need to show that the 2nd home is in what a typical 2nd home area would be and meets the distance requirement. You'll also need to carry pmi and at least 6 months reserves...the loan will also need DU Approve so if theres anything an underwriter would see that would call anything into question then you're back into 20% + down as an investment property

I would tell you this...dont take the heloc out unless you can make sure that the profit you get from the new home is more than enough to cover your heloc payment. As a mortgage loan officer i see this quite often and the biggest issue is that people take out helocs and use it for OTHER things, instead of making money with it. Remember that rates right now are not great and the heloc is adjustable, so you rate will fluctuate and most likely go up and not down for some time. Consider doing a fixed rate and fixed term equity loan out instead, then you know what the monthly payment will be and not get caught with your pants down when rates continue to rise. also think about the fact that helocs will have an amortized payment of only 15 years, which will make the monthly payment higher than a fixed rate 2nd. You can do interest-only on most helocs, but just run your numbers first

thank you both for your time replying here. 

Im looking at buying a SFR home as an investment. If I buy a home that needs significant repair, what can I deduct and is there a limit?

Not sure what you mean by STR, (single tenant rental?) if you have owned a property for one year or more then rental income would be on tax returns but if owned less than one year leases would be required to use the income. I'm not sure what you mean about the 2 years part

you can use the rental income from your current property as long as you have a signed and dated lease. Lenders will use 75% of your gross lease amount, then look at what your mortgage payment is. If your lease income is greater than the monthly payment you will have a positive dti...if your mortgage payment is more than the rental income then you will be hit with the negative difference

Hello,

I'm looking to network and hopefully start buying some investment real estate to supplement my retirement. Over 30 years in the mortgage banking and lending industry. I live in central maine 

@Faysal Alam there are loan programs that will allow you to have a non occupant coborrower. They would need to be on title but do not have to occupy the home. At least one borrower must be a first

Time buyer. Single family home purchase 95%. 2-unit purchase to 85% and 3-4 unit 75% loan to value

Hi Cody. I’m with KeyBank. If you haven’t worked with us before I’d love the opportunity to talk. 

@Garret Getch thanks Garrett I will. I could not sign up online because my username and password is not working properly. When is the next meeting?