All Forum Posts by: Ashley Cross

Depending on the equity you have in the property you may be able to eliminate your MIP. That's really the only benefit I can think of because that's a great rate.

No question is off limits when it comes to financing. It is best that you explain your goals so they can better assist you. Think of it like going to a doctor. You have to give ALL of your medical history to ensure the doctor is able to diagnose you to the best of their ability.

I've been in the same space and I totally understand. You really just have to compare the ROI for each investment. In most cases, it'll always be real estate. I was a licensed investment advisor so its hard to not follow the diversification rule. You can always diversify within real estate.

You should definitely speak to some other lenders because the only thing that could be an issue is your DTI. I'm not sure why the lender is suggesting you move 50 miles away. I've seen that a lot of lenders aren't well versed on the guidelines for investors. I would ask whomever you speak to about how much business they're doing with investors if you plan on continuing to purchase with the same lender. My company lends in Michigan and I'm happy to help. Feel free to PM me.

I'm not sure why your lender is denying you the opportunity to purchase with a FHA loan. Did you recently purchase your primary residence? How long have you owned your primary?

Is your current home financed with a FHA loan? If so, depending on how much equity you have maybe you can refinance it to a conventional loan.

When you say no fees, do you mean no fees paid outside of closing? The rate is good but you should review the fees worksheet.

With you graduating recently you have options for a primary residence. Any good lender will know that. As long as you have something proving your income (ie paystubs or offer letter) you're fine. As far as where you should go...go to the place that you know. Do your research and understand your market. No one can tell you where's the best place to invest. I've hit homeruns in places where people have lost a lot of money. Best of luck to you! You're well on your way.

DSCR lending focuses solely on the performance of the property. If the rental income covers the mortgage payment you'll be fine. Your credit score is important as well.

It definitely depends but I will always lean on the financing side of things. I'm also a lender with a MBA in finance and I understand the power financing can have with scaling your business quicker so I may be biased. If you have the capacity to get 4-5 deals done go that route but be sure you have your team and processes in line to get it done effectively.