Mortgaging a Hard Money Loan in Atlanta, GA
My partner and I used a HML to acquire and rehab a property in Atlanta, GA. We initially planned on flipping the property but have decided we want to hold onto it and rent it out. We need to secure a mortgage loan asap. Does anyone know of a good mortgage lender in Atlanta, GA?
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@Vernell D Watson
Just do some googling and make some phone calls this should be very easy. As long as it’s got floors and a roof it should conventionally finance with a low interest rate. They don’t have to live in Atlanta or even in GA as long as they’re licensed in GA!
Does it have to be rented out first, or would the investor have to have a 2 years of tax returns to qualify
for a mortgage?
Thank you in advance.
Originally posted by @Luke Carl:@Vernell D Watson
Just do some googling and make some phone calls this should be very easy. As long as it’s got floors and a roof it should conventionally finance with a low interest rate. They don’t have to live in Atlanta or even in GA as long as they’re licensed in GA!
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@Dieggo Goncalves Depends on what you mean. Is there a DTI issue? If so the mortgage folks can do a projected rent appraisal and use 75% of that number in favor of your DTI with no tenant in place. Would need to be a minimum of 15% down on an investment conventional for this scenario.
There is no debt at all.
But I only have 1 year of filed income taxes, and I am self employed.
Originally posted by @Luke Carl:@Dieggo Goncalves Depends on what you mean. Is there a DTI issue? If so the mortgage folks can do a projected rent appraisal and use 75% of that number in favor of your DTI with no tenant in place. Would need to be a minimum of 15% down on an investment conventional for this scenario.
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Originally posted by @Vernell D Watson:My partner and I used a HML to acquire and rehab a property in Atlanta, GA. We initially planned on flipping the property but have decided we want to hold onto it and rent it out. We need to secure a mortgage loan asap. Does anyone know of a good mortgage lender in Atlanta, GA?
There are numerous no income verification products available with short seasoning. @lucas carl and @dieggo concalves
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