All Forum Posts by: Hannah McBee

after spending days browsing the circuit for hard lenders, due to covid they are requiring 35-40% of the loan after closing and escrow for first time investors/flippers/ b&h. Hard lenders are not allowing owner occupany which is why fha might be the best option

There are banks lending for the down payment with a little higher interest which can be refinanced in as little as 6 months and depending on your area grants for down payment assistance. is the home usda eligible. 

if you do find a lender please dont be shy and share :)

Oh Wow, Jody! That's good information to have. Definitely not ideal for a new investor seeking hard money. I decided to pay off debt to be eligible for FHA. If I come across a lender with better terms, I'll send them your way. Thanks so much for the info and best of luck in your search!

@Hannah McBee this one is easy, pay off the debt. It is high interest rate and you will be able to save up money for the more advantageous loan. Several months is nothing. Waiting will give you time to research and get ready. Patience is an important quality for an investor. Maybe you can even save the money up sooner if you cut some expenses.

@Hannah McBee At face value of this post, I'm saying kill the debt, and shave expenses where you can to save back to this point again as quick as possible. Being in a financially stable position and having taken the time to learn and know that this one property you're picking is THE best value and potential you've seen in months without question is the sweet spot for getting started.

If you simply just can't wait, your can possibly refi that debt out to a term that brings the monthly cost down under the DTI needed, so for example, if it's a 36 month note your on, see if you can get a 60 month and bring down the monthly commitment. It's not what I would really want to do for myself for that rate, but it is 'another option'.