All Forum Posts by: Miles Juschka

Thank you to everyone for you help. Also for clarification I'm not the borrower in this scenario and I can ensure you realtors and borrower are all on the same page with the transaction. I reached out to the BP community in hopes someone can make the transaction work. 

Hello BP community. We have 4 contracts in Ohio on duplexes that all 4 have 100k purchase price and $75,000 loan amounts. Does anyone know of any DSCR lenders (quick close) that may be able to help with this? Traditional financing will push the closing date back to far as this needs to close in less than 2 weeks.

 Thank you Arron. Easiest way would to just have your mom be the non occupant co borrower so that you can use her income. Your brother would be the primary borrower since he intends to live in it. You can always rent it out in the future to which wouldn't be fraud as long as within the foreseeable future your brother plans to live in the house as a primary residence. I would be happy to take a look at this for you to see if I could make the loan work. 

Does anyone know of a lender who offers a stand alone HELOC at 100% Financing?

Thank you Jaysen!

Does anyone know a lender who can write HELOC's on an investment property?

Hey Adam,

If this property is still on the market, please PM me. I would love to know more about the investment. 

Hey Ken, 

My brother has been a painting contractor with 6 years. He comes with plenty of experience and would love to give you a quote. Message me if you need an estimate. 

1. If you were to refi from VA to conventional you would only be able to go up to 80% for cash out

2. If this property your looking to refi is your primary residence then you could do a VA cash out option although if its not your primary you would not be able to refi through the VA to pull equity out. You could do a VA IRRL which is just a rate term refi. So if the new property your looking to purchase would not be your new primary residence you would not be able to purchase it the VA route.

3. The combo may be your best option although qualifications are more strict to get qualified for this unique program. 

To say exactly what I would do, would be challenging without running the numbers. Message me your number if you would like me to dive into this for you. I would be more then happy. 

A couple notes Chris

1. Cash out refinances for conventional can only go up to 80% loan to value, so Johnny would not be able to pull 20k out through the conventional refi.

2. Johnny could do a VA cash out refi and go up to 100% LTV to use the 20% for a downpayment on another property although if "Johnny" is not 10% or more disabled through the VA he would have a 3% funding fee to do so.

3. Another option would be to do a combo loan which essentially puts the 80% into a conventional loan and the other 15% on a HELOC to which could take it all the way up to 95% LTV and there wouldn't be a funding fee associated with it. This also avoids mortgage insurance since your first mortgage is below your 80% mark.

I hope this helps..