All Forum Posts by: Scott Revey

Hello, my wife is an optometrist and we are looking to use a physician loan to purchase our primary residence.

We have some debt that we would like to payoff through a DSCR cashout refinance in am existing investment property I currently own and from there we hope to be in a good place for the doc loan.

Our challenge is finding a lender that can handle both the DSCR cashout refi and the doc loan, since coordinating two separate contacts seems to add extra challenges.

If you or someone you know can do physician loans (for optometrists) and also DSCRs I would appreciate being in touch.

-Scott

Hello BP Community,

I recently sold a property using a mortgage assumption. The assumption process with Carrington mortgage was delayed and as a result the closing took place after the expiration of the payoff order. The result is that even though I sold the property I am showing a late payment on my credit.

I was planning to DSCR an investment property and this throws a monkey wrench in things. My lender is saying I need to resolve the late payment rather than dispute it.

Has anyone ever successfully got a late payment resolved? I would appreciate any guidance.

Thanks in advance!

-Scott

@Derek Luttrell, @Michael N., and @Nicole Heasley Beitenman, this was my first time posting a question to BP and the three of you have given me a confidence boost to get back out there and find that next deal! Thanks so much for the insight.

I too have found that lenders have been hesitant to use FHA on MFH, but the reason why was always different. Looks like I just need to keep evaluating lenders!

@Allan Rosso Thanks for this insight! I ask because I have hear about as little as 5% down on a second home purchase IF I were to owner occupy. Does this affect your response at all? Thanks for your time!

Hi there, My wife and I just bought our first SFH and have two renters (one in each of the upstairs bedrooms). What is the least money we can put down on another single family or duplex? First purchase was with conventional loan and FHA does not allow for MFH purchases. Willing to move into new purchase and rent the house I just bought, but is 20% the least we can put down? Thanks beforehand for any tips! Scott