All Forum Posts by: Katherine Blazer

There is not enough information. I would guess that if you are approved for $70k it would be in regard to your Debt to Income (DTI).

If the property needs work, you can use hard money to increase the value and complete a rate and term refi to pay it off. However, if you do not qualify for the $250k loan, you still won't be able to secure it. 

Hi from another Tampa Bay Local! @Andrew Strong

He isn't in Orlando but in Sarasota. Famiglio & Associates - CPA Firm is awesome and they also invest in real estate, which is always good!

Are you planning on living in the next house and what does tanked mean to you?

DSCR loans are a great way to pick up rentals. They aren't designed for primary residences. confirm the lenders are using the rental income to offset those mortgages. If you are planning on moving into the next home, you can use 75% of the projected rent of your current home. Once your file taxes and claim the income for your first home you should see your DTI drop.

I am actually working on a similar deal here in St Pete. However, all the groups I work with are only willing to do 20-30% down.

What is your exit plan? 

Interesting conversation. I am not sure.

I am now working with a fund that has AI doing the underwriting; however, the struggles are it doesn't step outside of what is right in front of it. So importing information correctly is essential, and there are some deals I won't take to it because of the way the borrower's financials are structured. 

Hi @Connor Benn Welcome to Tampa!! It's a fun market. 

Maybe clarify what the fee is for. I have seen a few funds asking for fees upfront. I believe it is a way to keep borrowers from shopping multiple funds after the loan is in processing and seeing who can finish the loans first. I would also search for their NMLS number. 

@Lauren Ruppert Hi Lauren, I work with a few funds that start at 20% down. Unfortunately, in my area, at least rental comps are killing the deals. When the rental comps do not come in, it can lower the DSCR and, in turn, lower the loan amounts because they want it to cash flow.

Hi @Janille Jackson,

Even if you are a contract. There are specific guidelines that say you cannot do any of the work. I also work with an amazing Lender in NJ! 

Yup! Most DSCR products also allow you to do this, but it's a rate and term refi, meaning you aren't able to pull equity out of the house. The 6-month is to pull equity out or cash out refi.