All Forum Posts by: Brittany Minocchi

Based on what you've mentioned, I agree that it seems like the best fit. Depending on your situation, there are channels for full doc (so you're providing income/employment info), bank statement, P&L or DSCR for second position liens. Plan on a ~75% max LTV.

No suggestions on the HML…

I/O options depend on what you're looking for - you can find some 40 year terms with a 10 year I/O period, or a short term (12 months or so) fix and flip sort of loan that's I/O. Not enough info to give a solid answer…

There is only one fixed rate HELOC that I know of, but not all property types are eligible. Otherwise, a HELOAN may be an option - it's a closed end second (not a line of credit) with a fixed rate.

If it's a single family and not in an LLC, I know of a program that allows investment properties. It's a little different from a true HELOC though. Otherwise, you could look into a HELOAN, which is also fixed rate and takes second position. These are more likely to allow multifamilies and/or properties in an LLC.

Hey @Bret Burba! 

I invest in and am local to NE Ohio - the Canton area specifically. Happy to connect! 

Hey @Kirsten Milliken,

There are debt service loans that qualify you based on the property that don't require income or employment docs. This is a popular route for people in your situation. Happy to connect. 

Yes, it will affect your approval. The new payment will need to be factored into your DTI and opening a new line of credit will affect your score. Doesn't mean it's not doable, but it will have an impact. When you fill out a mortgage application, you are asked if you plan to apply for any other credit during the process. Keep your loan officer in the loop.

A lender will look at a property’s current value vs. the outstanding balance, and if there is enough equity, give you access to a portion of it. 

For example: if your home is worth $300k and you owe $120k, you have $180k in equity. A lender may allow you to access 90% of it, giving you a line of credit or a lump sum of $150k. (90% of $300k is $270k, and then you must account for the outstanding mortgage of $120k, leaving $150k)