All Forum Posts by: Brittany Minocchi

Google reviews, Facebook/Instagram pages and reviews, company websites, general social media presence....also, it's not required for that loan type, but some of us are licensed through the NMLS because we also do conventional loan types that do require it. That's a solid way to make sure someone is legit. Happy to answer any questions if you'd like to connect!

Yep, there are lenders that'll allow you to close in your name!

If by fixer upper you mean outdated but livable, you're good. If it's uninhabitable or in need of major repairs, that's a no-go for DSCR.

Definitely not ideal or something I'd recommend to someone. 

To BRRRR, you'd start by either using your own funds to buy and/or rehab the property, place a tenant, then refinance into a long-term loan. If you need financing to buy/rehab, you'd be using a fix and flip loan, which is a bridge loan. These are short term (12 months is common) with a balloon, so you'd want to refinance before that 12 months is up. For the refi, DSCR loans are super popular. These are 30-40 year loans. You don't need to provide income or employment history and DTI is irrelevant, but your credit and whether the property services the debt will be factors. You'll want the rents (or market rents) to meet or exceed the monthly principal, interest, taxes, insurance and HOA if applicable. LTV is typically a max of 75-80%.

if the property you buy already has a tenant or isn't in need of any rehab, you could jump straight into the DSCR or even use a conventional investment loan if you can qualify with employment, income, DTI, etc.

Your credit score is high enough to get something done, but whether or not that delinquency will fly is going to depend on the lender/underwriter. You'll have more flexibility with non-traditional lenders, traditional will all follow the same Fannie/Freddie guidelines. Happy to look into it for you if you'd like to reach out!

Personal guarantees are EXTREMELY common. Your other questions are better suited for an attorney to avoid misinformation. As far as timeframe, anywhere from 21-45 days depending on how quick a borrower gets their docs to underwriting, how long the appraisal takes, etc. Why is it taking 3 months?! 

Hey Grace! 

When you say seasoned money, what do you mean? Typically seasoning means that the funds have been in a bank account for a set amount of time (usually 60 days), so ANY lender should love that....I thought maybe you meant un-seasoned funds? Feel free to reach out, happy to help! 

What is your current rate and what are you being quoted? What are the fees? Not all lenders are created equal. There are seconds in the way of HELOANs and HELOCs for investment properties, but they aren't cheap. Like Devin said, double digit rates and you could still have fees similar to a first position mortgage. Most (not all) HELOCs require that the property is titled to an individual (not LLC) and are full doc, meaning your employment history, income, DTI etc will be factors.