All Forum Posts by: Kristen L Garner

Happy Valentine’s Day! CPI grew at 6.4% annual rate and average 30 year fixed is 6.62% as of today.  What strategies and tactics are my fellow investors employing to fight inflation? 

@Jay Hurst explained it perfectly! Side note - underwriters will likely ask for you to provide a fully executed lease, proof of security deposit, and proof of first 1-2 month rent payments that match the amount on the lease, so it is helpful to keep that info handy. 

I started with my first property in Indianapolis, IN (my hometown). I am an OOS state investor but flew in and did a lot of the work myself. (Now I am more hands off since I have a great team in place)  I was so frustrated with lenders during my first few RE transactions that I decided to switch careers and become a lender myself, haha!  Now I spend all of my time helping others secure loans but am still slowly adding to my portfolio.  I'm looking to buy 1-2 properties this year....most likely in Indiana. 

It's most often a hard pull for a pre approval.  A lot of us lenders have options now where you can do a soft pull if you pay for it and then you own the credit report.  I can't speak for everyone, but it's typically between $10-$40 for the borrower-paid soft pull. Down the line when you are under contract you will need a hard pull before you can close. 

You can use non-QM products like DSCR, Bank Statement, or Asset Depletion. If the rate is your concern you can either buy down the rate or make sure your loan officer matches you with a no prepay product and then you are only holding that rate for an additional 6 months while you wait to do a conventional refi.

Hi Michael, I'd be happy to help you on the financial side to make sure the rate, loan type, and loan fees you are inputting are accurate. PM me if this could be of help to you. Best of luck on your investing journey...getting that first deal will help you with your momentum and experience! 

Hi William, DSCR loan minimums can be a problem for areas like Akron. I do have some options for DSCR with $75,000 loan minimums.

Hi BP Community! Heads up - 

Cash out refinance seasoning was previously 6 months for conforming loans.  This is increasing to 12 months in the near future.  Freddie Mac will make the increase effective March 7, 2023 and Fannie Mae will make the increase effective April 1, 2023. 

Non-QM products such as DSCR, Bank Statement, and Asset Depletion loans remain at the current 6 months seasoning period.

Hi Kyle, DSCR refi could work (works for 1-10 units). What's your credit score? You can PM me the details of your scenario for review if you would like.

Hi Brenden, I'd be happy to connect.  I work with a lot of borrowers in your area and know some great agents as well.