All Forum Posts by: Ryan Moore

Is there a way to turn a non-secured loan from a family member into a secured loan that a mortgage lender would allowed to be used towards downpayment on a rental?

I'm looking to use a personal line of credit towards a down payment on a rental.

If I get a personal line of credit, say $50k, and the repayment on it is 1% principle + interest, what is used to factor into my DTI for the mortgage? Is it minimum monthly payment? Or does the entire balance play into this?

I received money to go towards the downpayment of a rental property. This money may not be seasoned in time. I've heard there may be creative ways to make other money that is already mine work for me in this instance (i.e. IRA). Any help would be appreciated.

 That makes sense too

When sending a prequal with your offer to a property, is it better to put the amount of the offer on the prequal?  The asking price?  Or neither of the above

 I borrowed on my previous property and the lender only cared that the money was seasoned for 2 months.

I have the opportunity to borrow from my parents' HELOC to put towards the downpayment on a rental. They do not want to make money on it. They would loan it to me and I would be paying back just the P&I on the HELOC. Is that something that I have to still submit any IRS forms?

I'm looking to squeeze a little cash out of my primary home for the purposes of purchasing another multifamily property soon.  I've been down the road of having a fixed home equity loan before, and I currently have one on my primary home.  I've never had a HELCO before, but I'm well aware of the differences and what to expect with rates down the line.

From a strategy standpoint, I'm trying to see why one would be better over the other. If I get the HELOC, it will have a balance already from my current 2nd mortgage, but I will still have credit left over. I like that as I pay it off, I have more available to use for a purchase, versus the fixed provides me zero benefit as I pay it off (except home equity again). I could then rinse, wash, repeat with the HELOC. Even as rates go up, we are still historically low and I have no problem paying a higher rate for these amounts.... and they would be part of my short term strategy to pay back quickly.

I can get the same CLTV on a fixed vs HELOC currently from a local credit union, so the cash would be the same.

What am I missing here that would make the HELCO not the best decision? 

In phoenix here, I currently have a 90% on my primary home from a credit union. Another credit union is offering 100% CLTV with higher rates of course.

I got a solicitation in the mail from Bankers Healthcare Group, claiming this "invite only offer" to select pharmacists.  Normally these get trashed without further thought, but I was just curious if this is a known lender out there and what their game is?  Of course I can follow the personal link they gave but then that opens me up to countless more solicitations.