All Forum Posts by: Tyler Vogt

FHA loan are actually pretty simple. The things you need to have are: It has to be your Primary Residence. Credit score of 580 or higher. DTI of 43% or less. The house has to be inspected by a FHA inspector (no fixer upper). What makes the process smooth and fast is a great Loan Officer. I'm sending you a DM.

I'm sending you a DM and we can talk!

My opinion is to get the HELOC so you can use it as many times as you want until you sell in 2023. You already said that's what you want to do and I think it is a great move. I'm doing the same strategy. I just got a HELOC and will be using it to purchase my next deal, pay it off, and keep reusing it!

Welcome Cody! Have you decide on what market to jump into?

That is awesome! Good luck with your search! I DM'ed you to connect.

No matter how long you own it you would only be able to claim 75%. So I'm a loan officer and the only other thing I could think of is to lower your debt or have a partner go in on the deal with you.

Did the lenders add the income you get from the rental into your total income?

Hello Alexis! I'm a lender as well and can hopefully answer your questions. You will be saving some money, but you will still have mortgage insurance. The difference is that on a conventional loan the PMI will cancel after your LTV is 80%. Other factors that could effect what program you can qualify for is your Debt to Income and credit score. How soon are you wanting to purchase? If it is not for a few months I would wait because you can only lock the rate for a specific time (ex. 15, 30, 45 days). Here is some advise for choosing a mortgage lender. Make sure they have integrity (do what they say they will do) and can communicate well.

Great question! I have financed my 2 properties, but it all depends on your personal strategy. Will you owner occupy (house hack) or rent it out?

Hey Crystal! I'm a lender and I would love to help you out. It's tough to answer your questions because it depends on some things. Do you have someone to partner with that you don't need a bank at all? How long are you planning on keeping it? Is it single family and you will be renting it out? or Multi family and you house hack?