All Forum Posts by: Irina Belkofer

@Muhammad Patel yes, I’m teaching people how to improve their credit so they could buy a house.

I’m investing money I’ve taken from credit cards with 0% for a year and my score don’t improve until I pay them off - before June 2024.

I can’t get 0% on any refi loan so I’ll wait. My score was 820 in July and will be again next July 

@Brittany Minocchi my client closed last November conventional on his primary residence with 7.25%…for investment it is always couple %% higher.

When I got 4.125% in November 2021, my primary residence rate was 2.29%. 

Besides, cash out refi always higher than buying the rental 

I was a loan officer 17 years ago and back then everyone could get a loan…now banks are afraid….and I don’t blame them

@Brittany Minocchi I don't do DSCR - I have access to better rates and don't need that high closing cost - I'll need to keep this property for 5-7 years to break even.

I was talking to my broker about conventional loan for investment property.

It was easy to close in 2019 but not now. My rate was 4.125% with $4K total closing costs including title etc. Their origination fees was about $1400 which is really nice and no points.

Once I get back to 800 FICO with DTI close to 5-10%, I'll try to buy my next home.

As for the mortgage amount, it was $88K - down 20% and price of the house was $110K.

@Brittany Minocchi banks don’t really want to and rates are around 9-10%.

I won’t refinance in couple years because I’m moving to another state - so all my houses will be sold anyway.

I asked my mortgage broker about cash out refi %%? and got vague answer….right now I’ve max out all my credit cards with 0% so next time I’ll be looking for cash out refi is in June 2024 - my score dropped below 700.

When it’s back to 800+ I’m going to buy my next home so I guess it’s not in my stars to do it…..however, I know people who are selling their rentals rather than get cash out of it - and mostly it’s because it’s hard to find a good lender to work with

And how it’s not fishy?

They stripe off elderly of their equity, their rates are borderline criminal - and on the primary residence?!?

The better have a license on that market because I can’t do even land contract on the primary residence without lending license.

I bet they will get some time in jail if some relatives of such older owner will sue them...
so, I stand corrected - it’s not fishy, it’s criminal.

@Carlos Ptriawan how they are wording “buying appreciation”? LP? Other form of partners?

That’s fishy 

I’ve never get 850 - I’m too cheap to pay %% on car loan and you need mix of installment and revolving debt - so creditors could see your payment pattern.

My highest was 820 but higher than 760 is basically pointless - you’ll have the best offers possible

@Anthony Freeman not only - it took me quite few years to build it.

Yes, I never missed a payment in my life - even if I had to pay high interest on the balances for few months.

Then, you have to have 4 credit lines in perfect standing for 7 years…obviously, no collections or anything derogatory. Income doesn’t matter but limit does matter - and they won’t increase your limits with $12-15K I made back then. So I declared higher that real income - and it was Magic - in a year my income increased to that amount I told to c/c.

The main rule to remember - don’t apply to more than 1-2 cards in 6 months…when you need money - nobody will give you good deal. Credit cards and lenders start sending you good offers (0% for 21 mo with 2% fees on business credit card with limit if $40K) when your score is higher than 780 and no visible debts on your report.

I guard my credit with all I have - it’s much better than money. All my money I’m making - it’s on credit 

Quote from @Anthony Freeman:

One thing that I am evoked to mention is your debt to income ratio. After using those credit cards for the purchase did your acquired debt ever enter the conversation at the time of refinance?

I assume you ask me because people never finance real estate with credit cards.
So, the catch here is once you deposit checks ftom credit cards for 12-18 months with 0% (and they have 3-5% fees upfront), your FICO score will drop 100-120 points till you pay them all off.
business credit cards are not shown on your personal report - these are exceptions 

I was buying houses back then for $8-13K and fixing them up for $7-10K, renting for $795-925/mo.
my returns were high but whole year you can’t buy anything else this way…..after tenants paid off these credit cards - it’s starting over.
‘During that time you’ll never get good offers for credit from credit cards, banks - anyone.

So, basicly, you have to make really strict plan of payments during this time and pay it off before they start incurring 29.9%

I created this game since I came to this country - the next day after I’ve got my SSN…..still there is nothing works like excellent credit.
Banks discount my rental income, my self employed income, even my investments in stock market - but never dismiss my almost 850 FICO. 

@Anthony Freeman whole my business was built on credit, I was buying houses on 0% credit cards, paying them off and never could refinance them. So, eventually, I just get more income from 1099 and started working on being fundable.

My own HELOC helped for downpayment and the only time I could get rental mortgage, was in 2021 when I had highest income more than the price of the rental. They still discounted my rental income which was from 11 rents every month.

it is very hard to get a mortgage as self employed but it’s possible. W-2 is much better though…oh well