All Forum Posts by: Derek Brickley

Yes agree with Brandon!  Not sure if/how we might be able to help without knowing more about you and your situation.

Hey Kevin!

That's awesome you are looking into this so early on. There is a way to get an FHA loan without having income of your own, and it is a "kiddie-condo" loan. I made a short reel a couple of months ago about this (below) but basically you can have your parents be non-occupied coborrowers on the mortgage and combine your income, assets, and liabilities to qualify. If you have any questions on how we typically do this or what you would need, feel free to reach out.

https://www.linkedin.com/posts/loansbydb_mirealestate-milend...

Andrew is 100% !!

Hey Harambie! We do have no ratio DSCR loans, but would need to know more about your situation and goals too see if it might work for you. Feel free to shoot me a message and we could see how we might be able to help.

Hi Carlos! We do have an in-house DSCR program as well as many investors that have varying guidelines for "gifts" if you were looking to work with partners or private money. Feel free to reach out with any questions you may have or if you wish to look at different options.

Hey Bret,

I'm not sure who you've been working with before but we are a direct lender and also do DSCR in-house. Happy to connect and see if we might be able to help meet your goals.

Everyone's replies are spot on.  I will add a common misconception with the new conventional mortgage program for 2-4 unit properties though about under which circumstances you can use this income: You will need a 12 month verification of rent or verification of mortgage.  If you are living with no current housing expense, then you wouldn't be able to use that as qualifying income.

FHA you can use this in all circumstances.

Totally agree with the above!  We have seen rates in that range, but what points and fees are they charging? It will depend on your situation and there isn't one rate as some people above had said.  Learning more about you and your situation, our team might be able to compare and see how we could possibly help so you aren't leaving anything on the table.

Hey Emily! Rates are changing daily... but with that said rates/fees are actually better in most cases DSCR than conventional due to high loan level pricing adjustments (LLPAs). For example: you may see Conventional investment properties at 8.5% but that is probably with 3 or 4 points. DSCR you may be quoted at 9.5%, but that may be with no points. If you were to buy down DSCR to the same rate as conventional, depending on your situation, it may be better for DSCR! DSCR would allow you to close in an LLC or your personal name, but for conventional it would be closing in your personal name.

It sounds like they don't work with investors much. If you have the funds and the means, then there is no reason for that. Yes, your pricing may be better with a DSCR ratio above 1, but you can go below that at least with some lenders. Being in this business as an investor is about finding and building a team that supports you and your goals, and if that means giving one of those people the boot then I'd say you're better off elsewhere.