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All Forum Posts by: Brittany Minocchi

Brittany Minocchi has started 9 posts and replied 924 times.

Post: New cash investor looking in Cleveland area

Brittany Minocchi
Lender
Pro Member
Posted
  • Lender
  • Massillon, OH
  • Posts 958
  • Votes 452
Quote from @Sean Tenney:

Absolutely considering Section 8.  I’ve been looking into that here in Orlando, but cost is prohibitive from an entry standpoint.  Have you taken advantage of Section 8?  Would love to connect one off and lick your brain and learn about your experience.


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! 

Post: 1 property in 2 markets

Brittany Minocchi
Lender
Pro Member
Posted
  • Lender
  • Massillon, OH
  • Posts 958
  • Votes 452

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. 

Post: Looking for lender(s)

Brittany Minocchi
Lender
Pro Member
Posted
  • Lender
  • Massillon, OH
  • Posts 958
  • Votes 452

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.

Post: Heloc payments ,jut got it

Brittany Minocchi
Lender
Pro Member
Posted
  • Lender
  • Massillon, OH
  • Posts 958
  • Votes 452
Quote from @Chris Kendrick:
Quote from @Brittany Minocchi:
Quote from @Chris Kendrick:

I just got my heloc setup and probably going to brrrr some cheap houses but just wondering how to calculate the payments for the heloc with a 7.49 rate, i took out 20k and my monthly payments would be 300 a month is that right, they said something about 1.5 percent of outstanding balance is adding or something 

The way a HELOC is structured varies lender to lender so your best bet is to reach out to them and find out about yours. Could be interest only, could be a % of outstanding balance, etc. 
Its interest only, i thought all heloc is intrest only
Most of the time, but not always. 

Post: Heloc payments ,jut got it

Brittany Minocchi
Lender
Pro Member
Posted
  • Lender
  • Massillon, OH
  • Posts 958
  • Votes 452
Quote from @Chris Kendrick:

I just got my heloc setup and probably going to brrrr some cheap houses but just wondering how to calculate the payments for the heloc with a 7.49 rate, i took out 20k and my monthly payments would be 300 a month is that right, they said something about 1.5 percent of outstanding balance is adding or something 

The way a HELOC is structured varies lender to lender so your best bet is to reach out to them and find out about yours. Could be interest only, could be a % of outstanding balance, etc. 

Post: financing for college students

Brittany Minocchi
Lender
Pro Member
Posted
  • Lender
  • Massillon, OH
  • Posts 958
  • Votes 452

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!

Post: MORTGAGE LENDING FOR PROPERTIES UNDER 100K?

Brittany Minocchi
Lender
Pro Member
Posted
  • Lender
  • Massillon, OH
  • Posts 958
  • Votes 452

Are you trying to use traditional financing or nonQM?

If job history/income/DTI aren't concerns and you haven't maxed out the number of properties financed traditionally, that shouldn't be an issue

Post: Flexible Lender or Financing

Brittany Minocchi
Lender
Pro Member
Posted
  • Lender
  • Massillon, OH
  • Posts 958
  • Votes 452

If it’s for a primary residence and you’re W2, you’ll probably get different answers from different underwriters. Not sure how your pay is structured or if it’s consistent (same number of miles driven on each check or does it vary?). 

There is a loan for owner-occupied primary properties that doesn’t require income or employment information, but it requires at least 20% down (possibly higher depending on credit), reserves and a decent credit score. 

Post: HELOC to traditional lending.. BRRR

Brittany Minocchi
Lender
Pro Member
Posted
  • Lender
  • Massillon, OH
  • Posts 958
  • Votes 452

In terms of securing long-term debt: depending on where your DTI currently falls and how the HELOC balance affects it, that could prohibit you from obtaining traditional financing. However, there are other non-traditional loans where DTI isn't a factor. 

Tons of people do exactly what you said - they don't want to cash out when their rate is low, or they want the ability to submit a cash offer, so they use a HELOC. Just make sure you've got a plan in place to pay it down/off and don't overleverage yourself.

Post: Local Lenders for STR

Brittany Minocchi
Lender
Pro Member
Posted
  • Lender
  • Massillon, OH
  • Posts 958
  • Votes 452

Hey Robin! I’m in NE Ohio, happy to chat and find out more about what your goals are.