You will need an RMLO to originate the Owner Finance Note and you will need a 3rd Party Servicer to collect the payments, pay the HOI & Taxes and report to the credit bureaus.  

Through these forums (via David Ho), I was introduced to a attorney representing creditors.  

After the 1000th MLO yells at an insurance agent because the higher insurance premium is throwing DTI off for the FTHB buying at the absolute tippy top of their purchasing power assuming a dirt cheap HOI premium, and given that you can call your insurance agent back the day after closing to upgrade your coverage (DTI no longer matters at this point)...

Dear all, My name is Hoi and I just joined BP today!

If they are buying a property, they do not yet have an HOI Dec Page.

@Sing Ho I would suggest you consult a lawyer in NY State the maximum interest you could charge is 16% you need to find out if your state has any lending guidelines.

Check it out: https://www.biggerpockets.com/blogs/10145/66160-ho...I would caution "hot" markets.

You should fire your lender if she or he cannot, or will not, explain this to you line by line.Anyways:Your impound account needs 3 months of cushion, in addition to the 1/12th of the annual premium collected each month, to account for year 2 of homeowner's insurance from your chosen HOI provider often "mysteriously" being higher in year 2 now that you aren't paying attention to it.You are unlikely to close exactly on time for a property tax cycle, so they need to pre-fund it, and then collect 1/12th of the annual cost each month.

Bay ho is city of San Diego.  

Quote from @Hoi Lee: DSCR loans are great, especially for my just startup LLC.