All Forum Posts by: Upen Patel

We just launched a portfolio loan for medical and healthcare professionals. We will allow 1-4 unit as primary residence and can use rental income to qualify.

0% down up to $1MM, 5% down up to $1.5MM, 10% down up to $2MM

@Ankur Tiwari Do you own your PR? I NJ there are a lot of multifamily properties.

We just launched a portfolio loan for medical and healthcare professionals. We will allow 1-4 unit as primary residence and can use rental income to qualify.

0% down up to $1MM, 5% down up to $1.5MM, 10% down up to $2MM

We just launched a portfolio loan for medical and healthcare professionals. We will allow 1-4 unit as primary residence and can use rental income to qualify.

0% down up to $1MM, 5% down up to $1.5MM, 10% down up to $2MM

@Ryan O. I am a banker, and can do construction loans. It is generally for owner occupied or 2nd home, but I have been able to get exceptions. Happy to speak and see if your scenario is something I can ask for an exception on an investment construction.

@Barrett Hoard Not sure why everyone is jumping straight to Non-QM loan options. Nothing you stated would make me exclude conventional/Jumbo loan options, at least until I have reviewed all your tax returns. I can use all reported income, doesn't matter what form/source. If you have the NNN properties and rental properties are reported on your personal or business tax returns, it can be used.

I specialize in investors and self-employed. Creative tax strategies doesn't equal to being excluded from conventional financing. Sent you a DM. Lets speak.

@Jason Sung It also does depend on the type of loan you are doing:

Full doc - If you need rental income to qualify, then you need to get it rented for the loan can be approved. If you don't need the rental income, then it doesn't matter.
DSCR - This is based on rental income and most likely you will need to have it rented before the loan can be approved. I don't have an investor that will allow for DSCR loans using the rental income per appraisal rent comp analysis.

@Melissa S. Did the bank say what they are using for income? Are they giving you rental income credit for the properties you already own? How about rental income credit for the property you are looking to buy?

I have a 15% down investor program, 1-4 units, and we will use all available income. Sent you a DM. Lets speak, I can likely get this done for you.

@Skyler Heimer I actually still have FHLB grant funds available (will likely run out soon) and I have a 100% financing FHA program (3.5% down FHA 1st + 2nd to cover the 3.5% down payment).

So there are alternatives. Lets speak.

You can get a 2nd FHA loan on an exception basis. Lender has to present the exception request to FHA for approval. FHA will generally grant this as long as there is a life even resulting in your move a significant distance (at least 100 miles) for your current residence (e.g. new job, got married, etc.) and it doesn't look like you are trying to manipulate the process to buy an investment property.

@Zac Vaughan Sorry to hear about your lender messing up. I am licensed in All 50 states. We don't have an internal overlays. I am happy to look at your scenario to see if I can make it workout for you and help you save your EMD and money you have spent.