All Forum Posts by: Brittany Minocchi

Your debt to income ratio will be a determining factor with traditional financing. In order to get past that, you're going to need a nonQM loan that doesn't factor in DTI, employment or income, like the DSCR loan you mentioned. Rates for DSCR loans aren't always that far off from a conventional investment loan, but they do typically have higher costs associated with them. These loans are a bigger risk for the investor, so the tradeoff is higher fees and/or rates. You just need to look at the deal as a whole and see if it makes sense for you and your goals. 

Hi @Chibueze Nwadigo

Jay is correct in that the guidelines did recently change from 6 to 12 months on a conventional cash out refi. However, there are nonQM options that will allow shorter seasoning periods depending on the situation. Feel free to reach out to discuss. 

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.