All Forum Posts by: Stacy Raskin

@Eamon Keating, Ultimately lenders have to be transparent on the Loan Estimate so I would look to get that document to compare. Mortgage brokers save home buyers on average over $9K compared to retail lenders and banks. 

What stare are you looking to buy in?

Hi Lucas, I'm a mortgage broker that has worked with self employed borrowers. Lenders will want to make sure you have worked in the same line of business for two years ideally. They will use your net income on your tax returns and average them. 

What state are you looking to buy in?

Hi Jewel, it depends on how much you write off a lot on your taxes. Conventional, DSCR and bank statement loans are options that come to mind. It really will come down to if you will occupy the rental and also how much you write off on your taxes besides your credit score. Let me know if you would like to discuss further.

Hi Juan, I would recommend a HELOC or a 2nd mortgage. I'm a mortgage broker and I'm also an ADU Specialist (took classes and a graded exam). I'd be happy to discuss. Good idea to not touch the first since the rate is low.

Have you checked your credit lately? Credit guidelines are pretty lenient for FHA loans. Some lenders will have additional guidelines but the minimum credit score is 580 for 3.5% down payment but most lenders would like to see a 620 or 640 for a 3.5% down payment.

To have a stronger credit score, it's important to pay all your bills on time and at the minimum have a credit card you use and at the very least, pay the minimum payment. Paying off your credit cards every month is ideal.

Also, having a mix of credit such as credit cards and personal/student/car loans is ideal. 

Most lenders used the FICO score model. FICO calculates your credit score by: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%). 

The most important aspect of your credit score is to pay you bills on time and secondarily to not to use over 30% of your available credit to carry a balance month to month. 

@James E Fraley Jr, so buying raw land to build on?

Yes, DSCR loans are investment property loans. A great way to build wealth.

@David Lund, what state are you looking to buy in and do you have money for a down payment? If so, how much? Depending on that, there are additional loan programs out there that don't consider your income like DSCR loans.

@Garrett Ninemire,what state are you looking to buy in? Are you familiar with the FHA guidelines or do you have specific questions in mind?

@James E Fraley Jr, what state are you looking to buy in and what is your goal with the property?