All Forum Posts by: Craig Warner

Hey Matt,

We can help with your refi, long term going DSCR. We have very aggressive rates. Once you are ready to refi let me know and can give you a quote.

Thanks

Craig

Yes, you can. I'm assuming you'll occupy one unit. You'll, both be required to have a minimum score of 660.

It would be a good idea to get PreQualified, and our approvals are good for 120 days from the time we pull credit. You'll need to know the loan amount and purchase price you can afford. Most realtors will request a preapproval letter before they'll consider working with you.

Nope, you need skin in the game. Maybe we can do a bridge loan on your property that is delayed in closing, and close on your 6-plex purchase. Let me know if you want to look at options.

Thanks

Craig

I'd go the 6.125% route, since you can probably refi down the road again. The payment difference at the lower rate is $49 so it would take you 3.9 years before you see a breakeven point.

Really it's your own decision, but if you have zero money for a downpayment and your goal is to purchase an investment property now, a HELOC could be a good short-term solution. The last few years we have closed many HELOC's and HELOAN's, as it made more sense for borrower not to refinance out of their low rate 30 year fixed loan.

Everyone is using the HELOC for different purposes. The more leveraged secured debt you have will impact any cash flow.

As mentioned by Nicholas, the BRRRR method could help payoff the HELOC too.

We rapid rescore borrowers at no cost, if we are working on a loan for them. Typically to either help them qualify for a program minimum FICO requirement or to help decrease the rate or increase the loan to value.

However, as mentioned above, your lender who pulled your score should also offer this service.

We handle 2nd's on both primary and investment properties. We'll go as high as 90% on a primary residence whereas on an investment property only 70%. If you default on either, we the lender we'll hunt you down and make you pay us back. JK. Remember no lender wants to own your property, we are not in the business of reselling real estate. However, after exhausting payback remedies to get you current, we'll end up foreclosing on the property with the lien. If you are concerned use your investment property as collateral. I lend nationwide, so if I can be of service or just want to pick my brain, give me a call.

I can help. I've been lending for over 35 years. Having a reliable lender with experience can help guide you to the best options for your qualifications, however at a minimum if trying to qualify for a conventional loan you'll need at least a 620 FICO mid score, other options are FHA using lower scores. Be happy to go over your options.

We can help with ground-up construction loans for owner-occupied homes?