All Forum Posts by: Derek Brickley

Love it!  Your lender might (and should) have some connections with insurance brokers that they have found give great deals and coverage.  Try asking your lender who they recommend.  Definitely shop around for some options as well!

Hey Raymond!

If you are looking at possible long term rentals, then could possibly help.  If you have details or specific feel free to reach out!

Hey Kieran, 

As you already discovered, this immediately makes conventional, FHA, and those other QM products unavailable. It may make sense to use a bank statement product, but this would still require a minimum of 10% down.

Hey Kieran!

Unfortunately, all we have are SFH and duplexes as well. But if someone does have it would be happy to connect!

Hey Youngwoon,

Short answer is no, you are not a first time buyer by any standard. However as long as your first mortgage is conventional you would be eligible for FHA. Note that you definitely should not tell any lender you are a first time buyer regardless. It will show up further in the process and will need to be explained to get you an accurate preapproval and to ensure the process goes smoothly. Going forward, the best thing you can do would be to reach out to a lender who understands how to work with investors so that they accurately account for your rental and get an idea for your budget/price range.

 Hey Shak!

Seems about right, but I will add that you have 30 days window when looking for a mortgage to have multiple hard credit pulls.  The first one is the only one that will have an impact within 30 days, so looking at other possibly options doesn't have any more of a negative impact.

As already mentioned it definitely depends the specific scenario!  If we might be able to help, feel free to reach out!

If it's a multifamily, and you want to remain ambiguous then I would just mention you are the property manager and make the owner some other guy haha

If it's a roommate, I think that level of transparency would probably be important since you will be living so close to the other person.

Hey John!  There are probably going to be a lot of options available depending on how your portfolio is structured.  Feel free to reach out if we might be able to help or look at options.

Yes you should have that information prior to locking your rate. Each lender will be different, but when using DSCR your terms impact your debt-service ratio so it will be important to get that taken care of earlier rather than later.