All Forum Posts by: Dennis Muno

I don't believe so. The FHA guidelines are what will matter. FHA loans are designed to create more homowners and I don't think this should affect it. If your credit is not too low(i.e. below say 550), or your don't have previous adverse credit actions(foreclosure, etc). I think you shouldn't have too much of a problem getting an FHA

No, that should not disqualify you. However, ask a lender to clarify this for you. There are guidelines for FHA loans that will need to be in sync before you can be approved for an FHA loan

A HELOC with a $700/mo payment is HUGE. Perhaps it is maxed? If he's paying that monthly that is his current payment. The payment could be a tad higher or lower every month depending on interest rates too. HELOCs are like a credit card but based on the equity of your home. You may be given a certain amount and depending on lender may only be able to use 50% and so on(lender dependent). Also, the interest rates swing widely depending on the market(and lender) like a credit card.

Consider talking to a local mortgage broker/some lenders near you. They should be able to help you find options if you're busy. You will just have to call them and ask them to provide you with offers if you're busy during the day

Nice meeting you on here, Jose

There are multiple ways to do this:

1. After 6-months to a year, you could pull some of the accrued equity on there to go buy another property.

2. You could do a cashout refinance on the property.

3. You could do a DSCR loan for your new property. DSCRs are based on the income the new property will make with usually little to no downpayment, just closing costs. You qualify for a DSCR loan based on your DSCR ratio. If the property rents for $1500 and the PITI expenses(loan principal, interest, insurance, taxes) will be total $1000, then you DSCR ratio=

Rent monthly/PITI monthly total=$1500/$1000=1.5. Lenders usually lend at a DSCR 1 and above with great terms. DSCR ratios below 1 will have higher rates. Many investors use this because your income is not considered, rather what the property income will be vs the PITI monthly. If you have decent credit that helps too.

3. Hard money loans

4. Private money loans

5. conventional money loans

Contact a local mortgage broker near you. They should have some lenders that will help you with this and also provide you some options

 Well Fannie Mae has relaxed guidelines.Every private lender will have their own loan options(downpayment %, interest rate, pre-payment penalties, etc). However, I will recommend you shop your multiple options and decide what works best for you.

 Yes, you can. Make sure the people you cold call are not on a Do-Not-Call List before you cold call. 

Generally, this would be commercial loan. Anything usually above 4 units is considered commercial. Are these units in one location or different locations, for which a portfolio loan would work better?

I am a mortgage broker part of a mortgage brokerage with 200+ lenders we partner with. Unlike working with a single bank, I would be happy to shop with multiple of our commercial lenders for their financing bids on the properties you are interested in, to find you the best deal.

Call or dm me if interested. I would be happy to assist you if you decide to proceed

I would recommend you contact a mortgage broker near you. They will be able to, with your financing information you have provide here, be able to shop with multiple lenders to help you find the best financing that will allow you to develop the land and put up the property

With regards to finding the best hard money loan offers, I would recommend you talk to a local mortgage broker. Unlike single lenders, mortgage brokers have access to multiple lenders, which allows them to shop multiple lenders, provide you with multiple offers which increases your chances of finding a great financing deal