All Forum Posts by: Preston Schmidt

Each state is different and it also comes down to just closing costs or pre-paids as well? Pre-paids are your escrow property tax, insurance, and daily interest. Majority of total costs come from pre-paids. If you choose not to escrow if you put 20% down, you will not have to pay for those pre-paids to keep your costs down. Some states only require county property taxes. Others require City and county property taxes which add to the pre-paids. My quick estimate would be around $6k total off of a property in Delaware. I'm a 50 state lender. PM for more info!

You're going to get hit with a slight rate bump due to the lower loan amount but my company has no minimum. I have set my personal minimum at $80k but depending on the situation I could be persuaded to go lower ;)

Have you thought about filing your 2016 taxes ASAP and using a Freddie Mac loan with only a one year requirement of taxes? That could potentially elevate your 2015 IRS issue that a lender such as myself wouldn't need to know about.

welcome! PM me If you would like to connect! I'm a local lender in Bloomington, MN!

Welcome! If you have any financing questions let me know. Happy to help!

Hey Becca, Have you ever thought of going FHA as an owner occupied investment property? You only have to come up with 3.5% down and you can utilize 75% of your projected rental income towards DTI ratios. The only concern I have is if 75% of the rental income isn't enough to cover the mortgage you have to provide your own income as well but I would highly recommend filing your 2016 taxes ASAP to show your other rental income.

Well done Eric! Great story.

Hello Kris,

Let me know if I can help answer any lender specific/financing questions.

Let me know if I can help answer and financing questions Mike.

Welcome Kenneth! Happy to answer any lender specific questions should you have any. I know the Minneapolis, MN market pretty well.