All Forum Posts by: Kyle Reinke

Thank you both for your input. @Account Closed nothing was mentioned about qualifying for a lower down payment I will have to look into that. Thanks again.

I have listened to the BP Podcast for months now and just recently decided become active in the forums. First off, everyone here is great. The advice that is provided on this site free of charge blows my mind. So thank you to all who provide advice to someone like myself who is new to REI.

This past Monday I met with a local bank about a loan for a SFH. I was surprised when I was told for an investment property I would need to keep a 6 month reserve of PITI for not only the investment property, but my primary residence also. Is this fairly common? I don't think it had anything to do with me personally as I am a good candidate for a loan. (DTI 23.26%, FICO 750+) Can any of you let me know if this is a requirement you were also faced with? Thank you!

@Aram Duell : The bank was Home Savings and Loan. I'm not sure if they have any branches as far south as Columbus. They are a local bank up this way.

Megan,

I just had a meeting with a local bank yesterday in the Youngstown Ohio area and they informed me they would not allow a HELOC on an investment property, regardless of equity.