All Forum Posts by: Colin McMahon

Join Senior Loan Consultant Colin McMahon as he walks through the pros and cons of investing in the U.S. real estate market as an international or self-employed investor.

Let’s have a real chat! Come with your questions ready for this interactive experience. Please click the link above to register or join us on IG live @milocredit

When: Friday, July 12th, 2024 at 1pm EST

Where: Zoom (link above) or Instagram live @milocredit

Are you an international investor looking to purchase property in the U.S.?

Join us now to learn everything you need to know about the U.S. mortgage process and how to qualify. 

We are making the process of getting U.S. mortgages better.

Click the link above to join us and ask any pressing questions about how to invest in the U.S. real estate market. 

Hi Anton, I would love to jump on a call to see if we can help you. We offer bridge loans without needing to look at your income docs so we can close quickly. I'll send you a DM to connect!

Hi Amit! 

Any particular reason you're choosing to purchase all cash? There are lots of financing options for international clients and with financing, I've been able to help investors expand their portfolio and returns much faster than they would have with all-cash purchases. 

I work primarily with international clients so I'd be happy to assist. Please feel free to DM me with additional details about your pending investment. 

Hi Nadia!

Welcome to Bigger Pockets. Have you begun strategizing how you want to finance and expand your portfolio as you get more involved in real estate? I work primarily with investors and I'd be happy to discuss strategy and financing options you'd qualify for if you're still in the planning phase! I'll send you a DM to connect. 

Welcome to BP! You're in great hands. This network is incredibly insightful!

Hi Vincent!

I work primarily with international clients who purchase investment properties intending to move into them later but rent it out in the interim to earn passive income. Our rates are within the single digits (7s-8s) and our loan programs are flexible and designed around the international investor. Once you have the downpayment and closing costs, qualifying is simple. I'll send you a DM to connect and feel free to book a consultation with me. 

Hi Sonia, 

DSCR loans are very common for foreign nationals mainly because of the benefit of not qualifying based on income. Many lenders have different requirements but typically if you have a downpayment of 25-30%, closing costs, and 6 months of reserves (6 months of mortgage payments), you'll be qualified. The DSCR (the ability for the rent to cover your mortgage) will impact your rate, so the higher the DSCR the better. Still, there are lenders who will qualify you even if your mortgage payment will not be fully absorbed by the projected rental income.

I'd be happy to provide more detailed insight. Feel free to reach out and I'll send a DM to connect. 

Hi Ricky, 

I might be able to refer you to a Lennar agent who can help guide you. Would you be financing this property or paying cash? I also specialize in investor-friendly financing (DSCR loans) and would happily assist with the transaction. Feel free to reach out for a consultation.

Hi @Michelle Chevalier

Given your situation, a conventional loan should generally be feasible with your 710-760 credit score and a 39% back-end DTI. Here's a concise breakdown:

1. Conventional Loan: Your DTI is within the acceptable range. The need to purchase 4 points seems unusual and unnecessary.
2. DSCR Loan: These are good for investment properties as they focus on rental income, but $55,500 in fees sounds high. Ensure you get a detailed fee breakdown.

With your solid income and credit, you should be able to find a more suitable loan without excessive fees, so I'd recommend getting a second opinion. I'd be happy to run the numbers for you. Feel free to reach out for more info.