All Forum Posts by: Ramin Lavi

Take a cash out loan on one of your properties here using a no doc loan and pay cash for the home in Italy.  

For my institution, the one month of bank statement is to just demonstrate an account where the cash-out will be deposited for the reserves.  Yes, if we do see NSF fees that would require a letter of explanation but it's not necessary a deal breaker. 

Current DSCR requirements with our lender (in-house products)-

25% down if it cash flows - Interest Only is OK

35% down if it only cash flows 50%+

We lock your rate once you are in escrow.

Good luck! 

Hi BiggerPockets community, 

An agent I met locally told me they found a buyer through BP and I thought what a great way to provide guidance and introduce our products to an active market.  If anybody has questions about financing primary or vacation homes utilizing our Community Mortgage which does not take into account any income/employment or debt you can reach out to me on here.  In short, you should expect the interest rate to be 2% higher than a conforming loan as long as you meet the following requirements:

1. Primary residence/2nd home with a minimum 20% down

2. 12 months reserves

3. Fico score 740+ (lower Ficos allowed with higher down payments)

4. Must take a 60 minute online homeownership course with us

This is a great product to help borrowers get financing when others say no and there is no pre-payment penalty. 

NMLS 1053717
Change Mortgage Beverly Hills

Hi @Will F. - we should be able to help your family.  I have a team in El Paso and do a lot of limited doc lending for primary, vacation & investment loans.  I can introduce your family to one of our loan officers after I speak to you to run over the situation and determine eligibility. 

Ramin Lavi
NMLS 1053717
501 S Beverly Dr 3rd Floor
Beverly Hills, CA 90212

Hi @Jonathan Rabot, 

That's not typical, and if the lender is going through a mid-day pricing update which is very typical it's usually for a few minutes.  Could it be that they are brokering the transaction to another lender and didn't have control of the rate lock?  We had a huge shift up in the bond market today so hopefully you can take advantage of that and lock today although I still don't see anything close to 6% on the 30 year unless you are coming in with a large down payment and/or paying points. 

Let us know how today turns out!

Ramin Lavi
NMLS 1053717
501 S Beverly Dr 3rd Floor
Beverly Hills, CA 90212

Hi @Colleen Keenan, 

Local Non-QM lender here in the Marina.  My client closed on a $2M purchase with 25% down here in Venice recently.  It was a tri-plex which allowed him to maintain a comfortable living expense for himself while renting the other two units.  We did a no-doc owner occupied loan and his rate was around 8% Interest Only so the numbers worked for him.  Otherwise, as others have said, very difficult to cash flow here without a significant down payment. 

Hi Sherri, I would be interested in joining this if you're in need of a Non-QM specialty lender in the SM area.  

Hi Brant, 

Non QM direct lender here. Fannie/Freddie will allow you to do a 2-4 unit investment purchase but expect to have at least 30% for a down payment. An easier loan option would be a Non-QM DSCR loan. Feel free to reach out, we do it all.

Hi, 

For an owner occupied no doc loan (no employment) max loan to value for cash-out is 70%. This is our Community Mortgage product. The rate is based on FICO/Loan amount & LTV but expect something in the 8's if you're going no doc.

For an investment property, DSCR runs at 65% with out company with a 3 year pre-pay. As all of these loans do not look at income or employment, we focus solely on equity and the property not having any major issues with it.

Good luck!