All Forum Posts by: Emily R.

Need help with basement foundation, exterior cement, electrical, gas, plumbing, and flooring. Any and all references welcome

Hi Brittany, thank you for explaining! I was also able to speak to someone yesterday about conventional financing and even with a quitclaim into my LLC, my DTI is too high with renting primary residence. The piece I was missing was that even though I have a sublease/dont pay the full rent amount, the entire rent amount is calculated into my DTI which I can't do anything about for another year or so. I'll be looking into getting a DSCR loan. It sounds like there are some DSCR loans where the prepayment penalties are only within the first 5 years of the loan.

I'm absolutely open to a DSCR loan but preferably for the property after my next one. My credit score is over 800 and if I need to get my roommate officially on the main lease or put down more so my DTI is closer to 35 I'd be willing to if it means I could qualify for a more conventional loan. I think that would be well worth it for the lower interest rate & closing costs

I want to buy my next rental through my LLC, but I have no income/activity in the LLC. I was not able to get a loan at KeyBank a couple years back for that reason, but I feel like I should be able to easily be approved. My DTI is around 37-%41%, depending on if I'm able to count my roommate's contribution toward my rent (they are on a sublease, not the main lease.) I'm looking to buy a property where the total monthly payment would be anywhere from $1000, and monthly rent would be around $1500 in zip code 19124

The product I'm looking for is a regular mortgage for a SFH long term rental with a PP of up to $200k on a 20-25 year term in my LLC so commercial. I'd like to put down 25%, but if I'm more likely to get approved with more money down, I'd like to know so I can plan accordingly. I feel like this should be small potatoes for most traditional lenders, but let me know if i am completely wrong. Thanks in advance.

I have a cash deal under contract that I'm looking to refinance at appraised value rather than acquisition price right at closing. It will probably appraise for around $100k. It will be titled in an LLC. Can someone recommend a lender to work with?