What are the best programs for a Senior Citizens
Any lenders or suggestions on who will help qualify a senior citizen for up to a 4 unit deal ? He is trying to live in one and maybe have the other three rented out at the time of purchase to help his income situation since he only receives social security and pension , therefore not much income. Any suggestions on this type of loan structure or if can be done ?
Hi @Diva Rescia
They have DSCR loans for those who don't have the necessary DTI ratio needed to qualify for conventional lending. They take into account the projected rent that will be collected to cover the debt, and if it's greater than a ratio of 1.2 and sometime lower, they will approve the loan. Talk with an investor friendly lender that offers this program and they can help you out.
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Real Estate Agent California (#02166235)
- The David Greene Team
- 310-720-1057
- [email protected]
Quote from @Robert Reynolds:
Hi @Diva Rescia
They have DSCR loans for those who don't have the necessary DTI ratio needed to qualify for conventional lending. They take into account the projected rent that will be collected to cover the debt, and if it's greater than a ratio of 1.2 and sometime lower, they will approve the loan. Talk with an investor friendly lender that offers this program and they can help you out.
@Robert Reynolds great thank you for this information.
