All Forum Posts by: Craig Warner

Quote from @Joseph Khateri:

Hello all!

Currently looking for DSCR lenders for a lead I have. He has a rental in Las Vegas he wants to pull equity out of to buy a rental in Ohio. Feel free to send me a message here, email or DM on Instagram.

Thanks in advanced!

-Joseph

 Let me know how I can help. Be happy to quote out for you.

Craig 949-637-3380 

If this was owner occ , I could have helped.

Quote from @Felicia Richardson:

Hello! I need some lender insight. I bought a Duplex in August 2022. I reside on one side and I Airbnb the other. I'm outgrowing my side and I want to buy a Single Family Home.

Would I have to get a secondary home loan therefore having to put down 10-20%? Can I qualify as a First Time Home Buyer and utilize FHA or similar programs?

Thanks in advance!

I don't see any issues with going FHA. There are other programs too.

Good information here.....maybe time for me to expand too.

We have a 3 month wait for cash out using the new value.

We'll go as low as 620 conventional and 640 on 2nds.

But you mentioned an appraisal was completed, so I'm assuming that was ordered by a lender you are already working with?

Yes, 15% down on a DSCR.

• Minimum credit score 740 • Minimum DSCR 1.00 • 12 months PITIA reserves • No First Time Investors • 0 x 30 x 12 required

Sorry, are you purchasing it all in cash, and then spending money to rehab it? 

How much rehab money?

What is the completion time frame.

If you are speaking of seller concessions (IPC's Interested Party Contributions), they are typically limited to 2-6%. Perhaps you are referring to a seller carry back? 

Our max DSCR is 80% LTV and CLTV. Means no seller carryback above 80%.

Using gift funds may be an option as well. Here is some info on that as for"skin in the game".

Gift funds are acceptable as 100% down payment for loans <75% LTV/CLTV
 Gift funds are acceptable for loans >=75% LTV/CLTV; however, the underlying Borrower(s) must contribute at least
5% of the transaction (lower of Purchase Price or Appraised Value) from their own funds
o Example: A $500,000 purchase price where the LTV/CLTV is going to be 75% or higher would require the borrower to have a $25,000 of their own funds provided ($500,000 x .05% = $25,000)

Quote from @Jacob Nevarez:

@Craig Warner Buying a duplex and renting the other unit is the route I'm planning on taking. I'm trying to stay away from FHA and get a conventional to avoid the FHA insurance.

What other options are available? 

Owner occupied conventional purchase to 97%, but depends on income and or 95% conventional, USDA 100% income and are restrictions, or VA, no money down, if a veteran?
But typically any conventional loan with less than 20% down payment you'll have mortgage insurance, but can either be borrower-paid or lender-paid.
It's always good to review your situation with a lender, so you know your qualifications and budget.