All Forum Posts by: David Kelly

Simple fix.  Show that your parents have been making the payment for the last 12 months via bank statements.  This will allow you to exclude the payment.  Here are the guidelines below per Fannie Mae.  Feel free to reach out as I am licensed in 48 states.

Working remotely is not an issue.  But there are different scenarios that it could become an issue.  Your employer may need to provide a letter that it is OK to work 100% out of the office at any location and that it does not affect your pay.  

While I cannot post rates on here, I would be interested to know what type of property this is.  Single family home as an investment property?  Multi unit?  If rates are being quoted in the high 4's or into 5's, I would suggest connecting with other lenders to find a better deal.  Rates have increased in the last few weeks, but they are not that far out of line from previous months.

Where would the property be located?  Some counties allow for much higher loan amounts and still qualify under conventional guidelines.

@Ryan Cummings 

You may want to wait until you start your job and have a paystub to provide. Conventional lenders like myself would require a 2 year work history. Your schooling can be counted towards those two years as long as the job you are getting is in the same field of work that you went to school for. But we will need to wait until that job is started and you will still need to qualify normally regarding DTI and credit scores etc..

I agree with Jared, it must be a lender overlay that is getting in the way.  He may be knowledgeable, like many others but there are lenders that can only do so much.  If credit, income, etc. is all in line then you need to reach out to another lender for another opinion on what exactly is the problem.  It doesn't sound like you are getting the full explanation from your current lender.  Fannie/Freddie play by the same rules with every lender, however, that lender can add additional overlays to make it harder to get a loan.

@Gary Singleton 

A couple of opinions on this scenario would be best.  As you already know, how they are underwriting your income whether it is from rentals or a job is going to be the key.  But you are saying its because of credit score?  a 700 plus credit score should have no issues getting financing with a conventional product with Fannie Mae/Freddie Mac guidelines.  Reach out if you want to talk this thru.  I would be happy to give some insight on anything that may be overlooked.

@Alex Riley Please check out my profile and give me a call.  I would be happy to talk about this process.  I have done several

@Alex Riley Fannie Mae or Freddie Mac conventional options require the property to be in your personal name to close. This would mean that you can do a simple Quit claim deed to your personal name and then back to the LLC after. This is an option but would suggest doing your own research on the potential negatives. Conventional loans with Fannie/Freddie will have your best low rate terms at a 30 year amortization. If you go thru a commercial lender the terms will be shorter and at a higher rate in most cases, with possibility of a balloon payment. Its not as attractive. You can have up to 10 loans per person - so if you are married that would be 20 total (assuming you both can afford this many loans per DTI regulations). I work with the conventional route, please reach out if you would like to discuss the process.

Most will recommend you buying a duplex.  Rent one side and live in another.  After you build equity then cash out refinance and purchase another.