All Forum Posts by: Raymond J. Rodrigues

@Samuel Coronado I’ve worked with a few lending options that have no seasoning requirements and allow you to borrow based on the appraisal or after repair value irrespective of how long you’ve owned the property for. Feel free to reach out for some recommendations. 

@Olecia Williams I am local here in Florida and help clients all the time purchase second homes that they short term rent with 10% down with zero issues. Conventional guidelines occupancy requirements are that you’re able to occupy the property for some portion of the year, during the first year. After that, you are free to use the property as you wish with zero restrictions. There is no specific amount of days either that the guidelines call for that you occupy the property. There is nothing in the guidelines that states that you are NOT able to rent out the property as a transient stay throughout the year. Feel free to reach out with any questions, happy to help! 

@Andrew Self lack of two years of employment history is not a deal breaker depending on what you were doing prior to starting your salary job. What were you doing from February 2023- October? Which state are you looking to make a purchase in? 

@Joanne V. that seems a bit steep and I can likely find something that’s better for you. Feel free to contact me via message or in my contact info listed in my signature. 

@Stacy A Stewart are you looking to purchase an investment property or primary residence with financing? DSCR loans are not for primary homes unfortunately. Depending on your new job as a 1099/self employed, there are likely other loan options available that can work. Feel free to reach out with any questions.

@Oj Brown, I may have some feasible options for you. Let’s connect. 

@James Calvert there is conventional financing that allows you to use renovations to make the property livable, just as you would with an FHA 203k loan. So whether its a conventional loan or FHA loan, they both serve the same purpose. With you being qualified for an FHA loan on your next home that you're purchasing, will you be using the rental income from your departing residence to offset the mortgage payment on that property? If so, you need to be moving 100 miles away, or else you'll be stuck with having to qualify while absorbing both mortgage payments entirely. Feel free to reach out directly with any questions. Happy to help you!

@Josh Green is this in your neck of the woods or can you refer them to anyone that you know? 

@Andrew Self I would like to think that my company is the best and offers the lowest rates and closing costs, but perhaps I am bias. Do shop around though and see what you find! Feel free to reach out with any questions. 

@David Cherkowsky, the lender will take the full rental income reported on the tax return, for that property, subtract it from the total expenses, add back depreciation, property taxes, mortgage interest, home insurance, HOA(if applicable), sometimes repair expenses(must be documented), divide it by the total amount of months the property was in service for that year (THIS NUMBER IS ON YOUR TAX RETURNS, SO MAKE SURE YOUR ACCOUNTANT DOES NOT PUT 12 MONTHS), and subtracts it against your total monthly mortgage payment. Make sure your accountant puts the right amount of months on your tax returns that the property is in service for, or it will definitely skew your numbers. I am a licensed lender.