All Forum Posts by: Derek Brickley
Derek Brickley has started 12 posts and replied 498 times.
Post: Cash out refi
- Lender
- Ann Arbor, MI
- Posts 520
- Votes 189
Hey DeAndre!
Seems pretty standard, VA isn't as tied to credit scores as conventional would be. Feel free to reach out if we might be able to help at all
Post: Looking for VA lender that works with 4-plex
- Lender
- Ann Arbor, MI
- Posts 520
- Votes 189
Hey Jonuel!
Yep we work with multifamily for VA. Fairly common feel free to reach out if we might be able to help.
Post: Should I refinance my Househack?
- Lender
- Ann Arbor, MI
- Posts 520
- Votes 189
Quote from @Gustavo Mendoza:
It's a SFH. I live in the property. So it's a conventional owner occupied loan with 20% down. But now that you mention it, "do I really need to report it for taxes"? I mean I'm just a single guy with a 3bd 2bth SFH looking to save money by sharing the house with roommates.
I'm not a tax advisor or CPA so LOL I can't comment on if you need to or not. If you were looking to use the rental income from your roommates to help you qualify then you would need claim it. Chances are you didn't use it when you purchased so unless something changed you should still qualify and there wouldn't be benefit to including that. There are some community incentives in the Merced area, but would depend on your situation whether that is something that could work. Feel free to reach out if it might be helpful to learn more about those.
Post: Refinancing a VA loan from a 6.045% to a 5.125%. Do I wait for later?
- Lender
- Ann Arbor, MI
- Posts 520
- Votes 189
Hey Sam,
Sounds worth it, 5.125% no points? If this is an IRRRRL then I'd recommend it. You can always do it again as rates drop if they got down to that level.
Post: MTR Income Loan Qualification
- Lender
- Ann Arbor, MI
- Posts 520
- Votes 189
Quote from @Jerome Morelos:
Quote from @Derek Brickley:
Hey Jerome,
From our conversations, on a conventional primary residence loan without tax returns you wouldn't be able to use this as additional income. For your property now, this would only be able to offset the current payment from your DTI ratio. If you're able to get those items over before our call tomorrow we can go through and run more numbers based on offsetting that payment.
DSCR is always a possibility for a new home, but it would not have the benefits of a primary residence lending option (terms and down payment).
It would definitely increase your buying power, but hard to say where that is for you at the moment just by offsetting it. It might make sense to wait, or it might not.
Post: Best DSCR lenders
- Lender
- Ann Arbor, MI
- Posts 520
- Votes 189
As said above - just depends the situation. There are no hard guidelines since it is non-QM so every lender will have different options.
Post: MTR Income Loan Qualification
- Lender
- Ann Arbor, MI
- Posts 520
- Votes 189
Hey Jerome,
From our conversations, on a conventional primary residence loan without tax returns you wouldn't be able to use this as additional income. For your property now, this would only be able to offset the current payment from your DTI ratio. If you're able to get those items over before our call tomorrow we can go through and run more numbers based on offsetting that payment.
DSCR is always a possibility for a new home, but it would not have the benefits of a primary residence lending option (terms and down payment).
Post: Funding options for house hacking (looking for 10% or less for down payment
- Lender
- Ann Arbor, MI
- Posts 520
- Votes 189
Can't say I have haha but bought a househack myself last December and used Gold Star. Might be biased.
Post: Has anyone heard of a lender that will calculate a loan based on room rental?
- Lender
- Ann Arbor, MI
- Posts 520
- Votes 189
Hey Keith!
If there are comparable rentals that support the rent by room amount, then yes it can be considered for DSCR. We have done that for investors before, so feel free to reach out if you have any questions on that.
Post: How do you decide on which lender to use?
- Lender
- Ann Arbor, MI
- Posts 520
- Votes 189
Hey Alex,
Hard to say, but sounds like your side question might be the answer to your first hahah you might not know unless you speak to a few but someone that is familiar with your strategy and understands your situation the best will almost always ensure you get that.