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Junior Espinoza
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Finance Option Ideas

Junior Espinoza
Posted Mar 25 2024, 19:40

My boss owner financed the current home im living in for the past year and half. I opened a HELOC on my main property thats in another state to pay for the down payment and remodel. I'm getting ready to payoff the remaining amount this week. Most banks I've talked to require a 6 month seasonal period. I'm wanting to do a cashout refi so I can payoff the line of credit and move on to the next property. I have monthly statements on the numbers I've been paying towards both the heloc and my boss. I plan on still acting as the tenant for now; could a DSCR loan work in this situation, or does anyone have any recommendations. Thanks for any guidance that can be provided.

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Clayton Silva
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  • Lender
  • California
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Clayton Silva
Pro Member
  • Lender
  • California
Replied Mar 25 2024, 22:50

Absolutely! We have DSCR loans with no seasoning requirements! However, it has to be a rental for it to work as a DSCR loan and you cannot be living in it or using it for personal use in any capacity as a DSCR loan is for business purposes only. There may be other ways to get it done, and I'd be happy to connect!

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