All Forum Posts by: Todd Bentley

Have the loaned serviced. It costs maybe 25-50 bucks per month and the servicing company will provide all of the required documentation for their new lender. For the first 12 months only 25% of the debt is counted towards the DTI, after 12 months none of it counts towards their DTI.

If someone is desperate enough to sell their home sub-to, chances are good that they aren't buying a new property within a year anyway.

Where do you see this 12 month rule? I keep seeing this: https://selling-guide.fanniema.... The portion reading "the party making the payments is obligated on the mortgage debt" seems to be an issue.

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Quote from @Aaron Kerwin:

I talked to my lender at Castle & Cooke in Denver, CO and for them, the seller now turned buyer would just have to show that the existing loan was being paid by someone else for 12 mths and they won't count it against their DTI. I think the servicing company helps by providing easy & verifiable proof of this. However, it was not required with this lender.

Aaron, can you connect me with this lender? I will send you a message. I am close to my first SubTo deal and the seller is only concerned about DTI. Thanks.

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Does anyone know of a lender that offers a low down payment for a conventional loan on a (live-in) multi-family. Currently, all lenders that I have contacted want 15% down to avoid PMI on a 2 unit. Essentially, I would like to avoid PMI if possible.

From my understanding, the government used to back up 5% down on (live-in) multi-units. I believe this ended in 2018. I know many lenders will still do 5% on single families but not on multi-families.

Let me know if anyone has a lender who can accommodate. (Preferably 10% or less)

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When saving up for a property, where is a good place to keep your cash? Currently, I keep my money in the money market while waiting to buy, does anyone have better options or ideas?

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All Forum Posts by: Todd Bentley

Todd Bentley has started 2 posts and replied 4 times.

Post: How to remove seller's mortgage from DTI on a subject to deal

Post: Servicing Companies wiping out 100% DTI in 1 year -Pace Morby Pod

Post: Conventional Loan for House Hack (Multi-Unit)

Post: Where do you keep cash?