All Forum Posts by: Kristen L Garner

Hi Emily! What type of loan was your current house purchased with and how long have you occupied it? Do you plan to move into your next property purchase or is it strictly investment, non-owner occupied?

Hey Noey, I have two different loan products specifically for DSCR, rural. Let me know if you still need financing.

From a lender's perspective you want to have 6 months reserves for the subject property, plus 2 more months for other properties owned, capped at 12 months. However, having 24 months of reserves makes it easier for lenders to get exceptions on your file if something goes wrong.

 I have a Section 8 property in Indiana and most people use this website to market their properties as well as for researching what Section 8 rents are going for in their area. https://www.affordablehousing....

Hi, nice to meet you! I personally invest in Indiana (my hometown) but I work with a lot of investors in your area.  I'd be happy to connect and chat. Best of luck!

You can search any lender on NMLS!  NMLS Consumer Access is a fully searchable website that allows the public to view information concerning state-licensed companies, branches, and individuals licensed and registered through NMLS. Wishing you luck with your transaction. -Kristen 

Hi Jaden, I invest in IN but I work with a lot of investors in IL.  I'd be happy to connect! Best of luck and welcome to BP. 

Hi Tyler, I'd join if you started one! I have a small investment portfolio in Indianapolis. 

Hi Brian, As long as you occupy one of the units in the subject property you can use FHA. FHA works for 1-4 unit properties and has better rates than conventional right now. You will need to show proof that you are either selling or renting your current primary.

If your income will support it, I would recommend purchasing via conventional to capture the lowest rate possible. You can put down just 15% if it's a single family home. If your DTI is too high or there are qualifying issues with your income you can always purchase using a nonQM product such as DSCR. With DSCR you will qualify based on the asset rather than your finances. You do still need to have decent credit and show reserves. DSCR generally requires 20-25% down.
To determine how to utilize your equity - you could have a lender run numbers for you on both a cash out refi and a HELOC so you can weigh your options. If you provide me with the details I'd be happy to do it.