All Forum Posts by: Derek Brickley

Hey Rolando,

Congrats on that opportunity man!  There are a number of options out there to help with househacking (I bought a househack last year).  Would need to know a bit more with your situation, but we typically work with guys in the NHL who might be starting out and are looking for some possible help on getting into their first home.  Feel free to reach out here, happy to see if we might be able to help.

Hey Michael!

There are a few options that some people have used when they were looking to buy a new home before selling (and ran into DTI issues). The true bridge loan could work, but as you might have seen you'll be paying interest on that difference and so you may still run into DTI issues. The alternative we've used is a "Buy Before You Sell" program. There is an additional cost, but with that you don't make payments and there is no interest in the interim and you can still access the equity in the home to use towards your downpayment of the new home. Feel free to reach out if that's something that might be helpful for you

Hey Mike!  Not sure if it would make sense for you specifically, would need to know a bit more about your situation and everything, some people we help that are looking to consolidate debt consider refinancing to lump all their payments together since a primary residence lending option has lower rates than some of the alternatives.  Feel free to reach out if it might be worth looking into

Hey Danny!  My advice here would be exactly the scenario I did last year.  Take the highest rate and keep as much money in pocket as you can, even if you only breakeven when you refinance in the future (6 months) you can get your payments down, potentially roll in any costs, and skip a payment or two.  I'd take the conventional option #2.  Depending on the situation, that might be kind of high so I'd ask for a higher rate option.

Hey Alan!  Depends your exact strategy, but sounds like a fairly straightforward process.  For most investors we help with this there would be no seasoning. Without knowing more I wouldn't be able to give you more than just some random numbers, but feel free to reach out if we might be able to help.

Congrats! STR DSCR loans are fairly common, but chances that it could get closed by 8/1 is tough. Best of luck!

Hey Adam, hard to say.  With the lending world, rates generally don't vary that much bank to bank.  Unless you have a specific property under contract, there really isn't anything other than some rough numbers and estimates.  Just be sure to do your due diligence and once you find a home then work the numbers for that specific home.  Also keep in mind though that if they're offering a rate that much lower than the rest of the market, why hasn't the whole market moved towards that and why wouldn't everyone be using them?

So is this a primary residence or an investment?  If you are purchasing the home with financing, then you would need to wait for the seasoning requirements per each program.

Yep as said above, DSCR is typically the way to still achieve 30 year amortization, fixed rate at 75-85 LTV. Doesn't always need to cover debt-service depending on other factors, but there is a lot of different options for this since it isn't a Fannie/Freddie product. Feel free to reach out with any questions you might have.

Hey Ryan! If you live in a duplex now and want to buy a single-family home then that is generally a good reason for the move. I'm assuming you used FHA on your duplex in 2021 so that 5% down conventional would probably be a good bet. Feel free to reach out though with any questions you might have.