All Forum Posts by: Austin Clarence

Hi Pafoua-I have dozens of options for DSCR loans with 620 credit that only go off the rental income, with consideration for your equity and credit score. Where do you estimate your score is?

💸 Unlock Your Home's Potential with Instant Approval HELOC Loans! 💸

Bigger Pockets fam, I am excited to introduce a revolutionary Instant Approval HELOC loan "5 Day HELOC", designed with real estate investors like you in mind! 🚀

Key Features

✅Received a formal quote and offer after completing the 2 minute questionnaire (Soft Credit Check Only, No Appraisal Required)

✅ Unlock Up to 85% CLTV in the 2nd Position: Maximize your home equity and secure the funding you need with a competitive 85% Combined Loan-to-Value ratio.

✅ Investment Property Support: For 3rd position liens and investment properties, enjoy up to 70% CLTV

✅ Flexible Eligibility: With FICO scores as low as 620, you can qualify instantly, providing accessibility to a broader range of investors.

✅ Lightning-Fast Approval: Experience the speed of progress with instant approval in 5 minutes or less! Say goodbye to tedious waiting periods.

✅ Rapid Funding: Get the capital you need in 4-7 days, ensuring you seize time-sensitive opportunities in the dynamic real estate market.

✅ No Appraisal Needed: Skip the hassle! Our Instant Approval HELOC loans come with no appraisal requirements, streamlining the borrowing process for your convenience.

✅ Soft Credit Check: Protect your credit score. Our soft credit check ensures that exploring your financing options won't impact your creditworthiness.

✅ Low Closing Costs: Keep more of your hard-earned money. Benefit from low closing costs, making our Instant Approval HELOC loans a financially savvy choice.

The program is eligible in 42 states, please comment your state or message me and I will send more info and let you know if you state is eligible.  

-Austin Clarence, NEXA Mortgage

NMLS 1509690

Hi Jonathan, I just helped a client this fall do exactly what you may be trying to do. You can get a signed lease agreement (It must be for 12 months or longer) and the lender will allow you to use 75% of the lease agreement.

I helped a client do this 10 months after his last primary purchase, so although many loan officers think you have to wait 12 months, you do not. Hope this helps

Hi Joe-I would be happy to help. For bank statement loans we would look at either 12 or 24 month bank statements, whichever shows more income. We would simply average the total deposits by the amount of bank statements. I am a broker and have over 80 lenders who specialize in bank statements loans. I will shoot you a message or you can reply here with any questions. 

Quote from @Amanda Rose:

Hi!! My husband and I bought an investment property in 2021 for short term rental in dallas area using host financial (dscr loan). The taxes are really hurting our cash flow bc they have no appreciation cap. Essentially they nearly doubled since purchase. We are thinking of refinancing later this year after paying it down further, claiming homestead (need to move in before Jan 1, 2025) /selling to ourself for original amount to get the tax value down and moving into it. We have been stuck since purchasing it, as my mortgage broker said I don't qualify for a regular mortgage due to the debt to income ratio impact. That said are my hands tied on buying another rental property until I refinance this house into my personal name? Currently our rental property is in an LLC but personally guaranteed by me. Any advice for buying a personal home while building investment portfolio? I found an investment property I really want to buy.. Thanks in advance for any tips!

 Hi Amanda, you could look at a no ratio loan where personal income is not considered. However, you would still need 20% down + and reserves. 

A DSCR would work in theory, but they are only meant for rental properties.

If you or your husband are self employed you could look at a bank statement loan, but if you are W2'd then this would not be an option. Hope this helps, let me know if you have any other questions

Quote from @Sandeep Agarwal:

Now that FHA is offering 5% down on owner-occupied multi-family loans, some banks are offering the same. Any bank that will be able to close it on LLC?

No FHA or Conventional lender will allow you to close the loan under the LLC. Its not a lender rule its actually the federal requirements.

If you want to close the loan in an LLC your best option would be a DSCR loan, but that is meant for investors not owner occupied.

Quote from @Account Closed:

I'm planning on making an offer on a condo-hotel in Vegas. This will be my primary residence (at least for awhile) and might become a rental/hotel unit later. This isn't my part of my investment portfolio so I'm not expecting to cashflow. Anyhow....

I'm told that I can't get conventional financing and would be required get a DSCR loan, put 30% down at have a rate of 8-10%. Does this sound right?

I anticipated maybe a 20% downpayment and a loan rate a bit over conventional financing?

The property is in Neveda, I'd be happy to get recommdations for another mortgage broker. 

Thanks!

Hi Teri-Ann-Yes I finance them. More commonly referred to as Condotels. Please shoot me a message I would love to connect and go over your options. 

Quote from @Mike D.:

What kind of rates are you seeing in your market for investment property purchases?

I'm being quoted 8-8.5% in Iowa. That's for 25% down SFH purchase with an established track record.

Are there better rates nationwide or is that about as good as it gets?

I just quoted a client buying a multi unit investment property in the high 6%'s with no points last week. Pricing is still in the same ballpark. I will shoot you a message to learn more about your project and give you quote and hopefully some more helpful information. 

Hi Franky-I am going to message you a couple quick questions than I can properly price out your options for you. Thanks

Quote from @Ana Labrador:

I have an investment property in Atlanta with a DCSR loan, does anyone have information on any bank or lender that offers HELOC for investment properties. Thanks in advance

Hi Ana-Although I am a lender myself I recommend you start with a local bank or credit union. They usually have attractive rates although a lot of the time they do not offer HELOCS on investment properties. IF you cannot find an option I would be happy to explain how my company's HELOC works on rentals, no appraisal and takes about 1 week after a soft credit check. Good luck!