All Forum Posts by: Jill Young

Erik Estrada -- No, I haven't closed on something like this. I'm trying to come up with a creative way to offset the down payment. 

I haven't found anyone that will do 15% down on a single parcel with three houses on the property. It's also on 15 acres and just outside the metro area, which also seems to cause lenders to tell me they can maybe do 20% but more likely 25% with those factors.

Mike Grudzien -- At that price-point, 10% down.

Is there such a thing as a DSCR Lender that allows (or even helps get) a piggyback loan to cover part of the down payment? I know there's such a thing with traditional mortgages (usually leveraging the upcoming equity via a HELOC/HELO), but didn't know about the investment loan space.

Most STR loans want at least 20% down (some want 25% down) for 3 STR houses in the same parcel, and since I'm looking at a property that's over a million dollars, it's a challenge to swing over $300k for d/p and closing costs (not to mention the additional reserves needed).

Is there such a thing? If so, can you point me in the right direction? Thanks.

 @Nick Belsky @Jaycee Greene Thank you for the response. 

To clarify, these 3 units are on the same property. What type of loan are you speaking of (that I might pursue with a unicorn local bank)? Is it DSCR or something else? Thanks!

I've done a lot of research and my twin sister owned/ran a STR (so I learned from hers too), but I haven't owned a STR myself.

I'm interested in purchasing a property in Texas (that's in a great location for STRs). It's an acreage property near the lake that has a main house (2/1), guest house (3/2), and small studio-layout unit (3 units on same property). The guest house has STR rental history but the other two units would need to be based on projections. It's a million-dollar property. I don't know what the 'appraised' value would end up being. I also have personal W2 income, if that matters.

Is there a loan out there for a set-up like this at 15% down? 

Thank you for the response. I plan to live on the property for the duration that I own it. You said conventional requires 5% if you're occupying a unit of a 2-4 unit property. Does conventional allow my situation? I have no problem using my salary as part of qualifying income, but I'd need them to also include projected STR income for income qualification with it.

I am interested in a property (in Texas) in which I want to live in one house on-site and use the other 2 units as STRs. I was told FHA only allows LTRs, not STRs. I also need them to allow my income qualification to be based on both the projected STR income AND my corporate income (W2). Ideally, I'd also like to find something with 10% or less down payment. Does anyone know of such a loan out there? If so, with which company?