All Forum Posts by: Elias Halvorson

DO NOT! Terrible deal. 

Then cashout refi - DSCR, followed by a DSCR purchase on the second home will be your route. I would negotiate with your lender based on doing two loans through them vice one. You should be able to get some of the fees cut, etc. And, of course, shop with at least 3 lenders. I have heard https://www.kiavi.com/ is good for this. Unfortunately, they are not licensed in HI so I cannot use them for most of my DSCRs. They have really good rates/terms though. 

You probably can still do an DSCR, with a letter of explanation on the lates if you wanted something now, otherwise you can wait 5-7 months until those lates are no longer in the past 12 months and do a conventional loan with better terms.

Hi Laura, 

Late payments are tough. Do you have at least 1 year of on time payments? You likely could do a DSCR if it is an investment property. If it is your primary residence that can be more challenging. You may just have to wait until you have 1 year of on time payments.

I would do it for the tax write offs, as well as another positive for the resale value. 

You can do a VA cashout partner. I would shop other lenders? What state are you in? As long as your DTI isn't too high you can do a 100% VA cashout refinance. I'm happy to chat with you - shoot me a DM. I'm a veteran myself and specialize in VA loans. The only thing that kind of sucks is if you don't have disability rating the funding fee is high.

Sure, you can. The process is similar to any other type of loan. The challenge is if you could've gotten a conventional loan when you bought it, you would have. So, whatever issues you encountered in getting a conventional investment initially, are likely still there. If whatever those issues are have been fixed/removed - it will be the same process as any other type of loan. 

One thing to be mindful of is many hard money loans come with prepayment penalties. 

Rates are only slightly higher than DSCR loans, and since the fees are SIGNIFICANTLY less, it's a much better option.

 But WHYYYYYY!? I see these posts occasionally - Is a personal loan an option? The fees are so much less doing the personal loan.