All Forum Posts by: Brittany Minocchi

Okay, I think I have a HELOC option for you. Credit score over 700 would qualify you, We'd just have to make sure all the other numbers (property value, mortgage balance, LTV, etc) make sense.

Hi @Kofi Thompson

HELOCs on investment properties can be hard to come by. Is your property in your personal name or an LLC and what state is it located in? If you'd like to send me a message with more info, I'm happy to look into this for you.

Not sure if you're looking for conventional or nonQM. I'm quoting mid 7s or so on conventional SFH investments with purchase prices around $250k, 75% LTV and 780+ FICOs. High 7s to low 8s on DSCR.

Yes we have - it's great having most of the rent guaranteed to hit your account around the 1st every month, but the tenants tend to come with their own set of challenges from my experience. Sorry I didn't reply sooner, I didn't get notified of a response on my comment. Feel free to reach out! 

Hi Sunny, 

Cleveland is a very popular part of Ohio when it comes to investing. Are you looking for traditional financing or for an investment loan? Happy to chat if you’d like to send me a message. 

If you're looking for traditional financing you should be okay, otherwise the investment loans (like DSCR) usually have a $75k+ minimum loan amount. Feel free to reach out if you'd like to discuss.

If your DTI is the problem, your options are to increase your income or decrease your debt. Easier said than done (especially because you're also in school), I know. There is a program for owner occupied properties that doesn't consider DTI, but you'll need a large down payment that varies based on your credit score. It's a higher risk for the lender so the requirements reflect that. Not sure if it would be a good fit for you or not based on the info from your post, but I'm happy to chat if you'd like to connect!