Anyone Know mortgage broker for Invest Property REFI

2 Replies

Hello, we have an Investment Property in California (built in 2015 5 bedroom 4 bath) we are trying to REFI. We have great long-term tenants paying $3000 a month on their second year lease. We have a PM in place. 

We want an Interest only or ARM to LOWER our monthly payment for 1 year and sell next spring -- when their lease is up.

We thought about selling now but it's appreciating so much we want to wait.

The problem is due to job transfer my husband's credit took a hit and mine is ok/good. So we need one that will allow that. We have no BKs or anything. If anyone knows of a mortgage broker let me know! We would also like to cash out some funds and possibly buy another property, ideally. Thanks!

{Also, we can't do a Bridge loan because we want a LOW MONTHLY PAYMENT just until we sell}

Account Closed...I'd like more information.  How recent was the transfer?  Was the job transfer in the same field/industry?  If it wasn't, it's going to be tough sell to most conventional lenders.  Will be going with portfolio or alternative.  

What type of credit hit are we talking?  

Do you happen to know what your fico would look like?  

How open to terms are you?  I know a bridge doesn't make sense in your case b/c of payment status, but is there some flexibility there?  

Only thing I'm thinking is there are some programs that allow to u/w solely off the property cash flow and don't really take into account much else.  Might be worth looking into. Thanks,

Yes, same field, he's manager/executive been in it for 15 years. It's appreciating well so we'll see. Some ppl have PM'd me which is super appreciated!