All Forum Posts by: Jadon Grant

So, my business partner and I have run into a little bit of a roadblock. Finally got done building personal credit enough to seek pre-approval (as I have only just turned 21 years old). I have been asking around to different lenders, both Conventional and DSCR, and have been asking what kind of criteria I need to meet in order to apply for pre-approval confidently. To which I have been told that we would need around 25K-30K in liquid assets in order to be approved. This seems ridiculous to me considering that's almost 40%-50% of the loan we are seeking. Any advice from you guys?

On the flip side, I am in the process of acquiring over $1.5M in defaulted DSCR loans form borrowers who are your age that put 25% down but had no money to fix any of the problems = lost the renters and walked from the property. Lenders want to protect their investment not because of possibly you but your profile (little equity / assets etc) which is common for someone in their early 20's - want to make sure skin in game.

That makes sense that the lenders would want skin in the game, but what I'm wondering is for a 60k-80k total deal, it seems like lenders are wanting 40-50% of the total loan. For example, I live in Gilbert, AZ, which isn't exactly the cheapest place to live, so if I begin to look for a house here in AZ are the lenders going to want to see 300k-400k$ in liquid assets for me to get approval for a mortgage (as the homes in my area are around 800K-1M)?

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Toledo, Ohio

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Toledo, Ohio

All Forum Posts by: Jadon Grant

Jadon Grant has started 1 posts and replied 2 times.

Post: Help! I can't get pre-approved!

Post: Help! I can't get pre-approved!