All Forum Posts by: Stacy Raskin

@Morgan Stelly, what state are you looking to buy in? 

Bank statement loans and 1099 loans can be for one year. 

Also, DSCR loans don't look at owner income at all.

One of the main things to consider with these loans is are you going to live in the property or not? If not, DSCR can be the way to go.

If you're going to live there, then bank statements loans or 1099 would be a better fit. 

Also, to consider is do you have cash reserves as most DSCR loans will require some kind of cash reserves.

@Cody Wageman, many lenders will close in an LLC and have the LLC entity on title if it's a rental property as that's a different category of loans that are largely categorized under the term "business purpose." DSCR loans or loans that qualify based on the current or projected rental income or in this category.

@Chris Morris, I'm a mortgage broker that shops your loan to multiple lenders that does HELCOs with investment or residential properties. A newer product is a fixed rate 2nd mortgage that some clients have found helpful since it's a fixed rate and you get to keep your lower first rate mortgage.

@Jorge Pimienta, where is the property located?

@Neil Smith, where is the property located?

@Cody Wageman, are you planning to live in the unit or rent it out completely? Also, how much are you looking to put down as a downpayment? 

@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.