All Forum Posts by: Account Closed

Do either of you work with any lenders that will approve a DSCR loan for a first time home buyer? Not a first time investor, but someone who has never owned a house before.

 Thanks Remington!  Chris- I have been a loan officer and lived in Columbus for 20 years.  If you have any questions, I am always available to help.

You can be a first time investor, but not a first time home buyer.  

Yes, a DSCR loan will base everything off of the the cash flow of the subject property. The rent needs to cover the mortgage payment, there is no debt to income restriction on this loan but you still have to have a 660 credit score to borrow the max loan to value

 Hi Ryan:

Yes, rates are higher today than 2 years ago, but so is rent.  Rents received has increased as well, so opportunities are still out there.  I help a lot of investors with loans and see people buying property in Ohio that have positive cash flow right away.

 Hi Leira:

Yes, as long as your loan on your current home isn't FHA, you could buy a new primary residence and use an FHA loan with 3.5% down.

Hi Roko:

You usually can borrow 75% of the purchase price or 65% of the appraised value if you are doing a cash out refi.  Foreign credit is acceptable, normally just a US Bank account and EIN # is needed. 

Hello:

If you haven't talked to a lender yet, that is a great place to start.  Knowing what you approved for can help know what properties to make offers on.  There are many loan programs for investors, so finding the right one before you are making offers can simplify the loan process.

Also, not all condos are approved for conventional financing. If the condo is non-warrantable, you will likely have to make a larger down payment and will have other lending restrictions. If you need help finding out of the condo is approved for conventional financing, let me know and we can reach out to the real estate agent and HOA.

Hi Dana:

Where are you looking  to invest?  Have you talked to a lender yet?  That is a good first step.  If you have questions, feel free to reach out.