All Forum Posts by: Tekoa Glover

I want to know if I am entitled to a denial letter if I am denied a DSCR loan. One week before closing the lender decided that I had not owned the property long enough. They said for me to come back in 3 months, because I had only owned the property for 9 months. Mind you, I had completed appraisals, credit pulls, and all other tasks that they required. Then I was blindsided by this I asked if i was entitled to a denial of credit in accordance with the Equal Credit Opportunity Act-Regulation B 15 U.S.C. 1691. Also under the Fair Credit Reporting Act.
 Am I correct?

Please do. I’d love to hear from you.

Looking for a lender to do a DSCR in South Carolina.

the appraisal has been done and we are talking about closing early next week. I'm skeptical because I don't have it yet. 

I was thinking he did a hard pull because he said he would do a rescore that would push me up over the 700, I had a 697 by his score. But a 717 by another lender. 

Yes!

Has anyone did a DSCR with the company the Mortgage Source? How was it? When did you get the appraisal from them?

I am curious to see.

Is it me or is it the process? Doing my DSCR has been a complete pain in the tail! It has to be just as nerve wrecking as conventional. I'm asking for 50% on one property and 70% on the other. Neither have a mortgage. I have around 700 credit score. No debt. I have been in the process for over 3 weeks. I paid for a appraisal after the lender requested it. Yet I have not received it yet. I thought there was a law that required for me to get a copy of it and also of my credit report that they were using as the basis for the loan. Is this true?

Please help me close my first DSCR deal.

yes, it has back taxes of $8k, but was not a tax purchase.

I purchased it in February 2024

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $5
Cash invested: $5

I have a 3 bds 3bth home with 1958 sqft, valued at $336k per Zillow. I do not have a mortgage on it. I'm trying to find a lender to do a DSCR on it for 70 LTV. Rents per zillow would be $1919. My insurance is $120 per month.

Is this deal possible?

How did you find this deal and how did you negotiate it?

friend

How did you finance this deal?

n/a

I have found 25 Storage Units I can purchase for 125000, with 20 units rented out. The rents total $1,100+ monthly. I want to purchase them using a DSCR and need help with this deal. Is it possible to do. The place also sits on a little over a acre and has room for expansion.