All Forum Posts by: Jessica Tsao

@Matt Medina

80% is max you can get on a cash out refi. Have you thought about refi to remove your PMI? There are options where the lender pays most of your fees and that would lower your monthly payments and you can cash flow better to save more money to invest as well. If you know this will be a rental property, then it's something to think about. Good luck.

@James C Toland-Yeh 

Hard money lenders would need the following

• Address, As Is Value, Amount Owed (refi only), Date of Purchase (refi only), Annual Insurance, Annual Taxes, HOA Fees (if any), Monthly Rental Income (per unit) if not rented, we can use the market rent -10%

Hope this helps.

@Jared Elms 10 day close is possible with Hard money lenders, the appraisal takes the longest.  so once the  appraisal is done, it can be done.  Do you have the appraisal yet?  hope that helps

@Chan Park

Have you considered Hard Money Lending? Hard money lenders can most likely help, they do purchases and also if you need to do a cash out refi on property you have, DSCR Purchase or Cash out REFI can go Up to 80% of the purchase price or 80% of appraised value, 30 year fixed Rate are as low as 4.25% and they can close in 3 weeks. The rate is higher than conventional loans, but the benefits of hard money lending is they don't look at your DTI, they only look at the income that the property produces. It can also go into your LLC name so no need to be on your own credit report. Which frees up options when you want to purchase your primary or 2nd home. Hope this helps

@Kayse Malak

Hard money lenders can most likely help with a purchase and a option if you need to do a cash out refi on property you have, DSCR Purchase or Cash out REFI can go Up to 80% of the purchase price or 80% of appraised value, 30 year fixed Rate are as low as 4.25% and they can close in 3 weeks. It's gonna be higher than conventional loans, but the benefits of hard money lending is they don't look at your DTI, they only look at the income that the property produces. It can also go into a LLC so no need to be on your own credit report. Hope this helps

@Chris Wolfe

I just did a DSCR loan @ 60%ltv and 4.25% rate with .50 pts orig. in a LLC with no income verification. All they look at is the income from the property. That's the lowest I have seen out there personally. It can close 7-10 days after appraisal for fast cash. Hope that helps.

@James Devoe 

DSCR loan stands for "debt service coverage ratio", it is the ratio of operating income (rent) available to debt servicing for interest, principal and insurance.
In short, a DSCR mortgage enables you to purchase or refinance a rental property without providing your tax returns, W-2s, pay stubs or other personal and financial documents that are required for a standard mortgage. DSCR lenders do not verify your employment. They use your rental income. But do require 620fico plus. 

@James Devoe I have seen and done 620+ fico for DSCR & hard money loans. What is your LTV? How much are you trying to get? 20% down? that makes a difference too.

@John Majoris Sure, No problem. Every loan is different depending on DSCR ratios, credit scores and what LTVs. But I paid $1830 total fees and .75% orig fees for 4.25% rate. Hope that answers your question.

@Joe Villeneuve

You are super smart.