All Forum Posts by: Account Closed

 Were we supposed to laugh??

The minimum requirements for a DSCR loan that I have seen are

Projected Rental Income from Appraiser > PITI payment

680 FICO (although some programs go down to 660 at much higher rate)

20% down-payment

Hi @Monica Williams! Connect with Alan!

https://www.biggerpockets.com/...

If you buy a new home with a conventional loan, then we can use the rental income from the property you are leaving to help off-set that more payment.

I would purchase a new primary residence so you can put less $ down if you are going to live in it.

Tell the lender you are working with (if they are out of state) to make a phone call to the listing agent and communicate that all homework has been done on your loan (IE - credit, income and assets have been reviewed).

It is even better if the loan had been underwritten already. It is all about communication. Have your lender touch all parties.

 Hi Steven - I invest in Connecticut and am a mortgage lender. We have helped clients with delayed financing. If you are not waiting 12 months, you cannot use the after repair value, only the purchase price, closing costs and documented renovations to come to a # for what you can pull out.

DM me if you would like to chat further!

Best scenario here would be a bank statement loan or no income verification loan if you had to refinance, but cannot show income!

The only way you can still put 5% down on a multi-family is if you are using Freddie Mac Home Possible. Otherwise, expect 15% on a 2-fam and 20% on a 3 or 4-fam.

I think a lot of first time investors are uneducated.

They don't break down buying investment properties into smaller steps.

1. Get pre-approved
2. Look at properties
3. Make offers
4. Put under contract
5. Due diligence
6. Close
7. Rehab
8. Leasing
9. Property Management
10. Asset Management