All Forum Posts by: Robert Sepulveda

You can expect to put 25% down at around 5 % on a 30 yr fixed. no points.

Just make sure you have 6 months reserves for each property you own and intend to buy. Let me know if you need more details.

Are you looking above $300k or below?

How many financed properties do you have?

Best alternative I know of is the old 80/10/10 is back. 80% 1st mortgage, 10% 2nd/heloc, and 10% down = NO mortgage insurance.

It's available in limited states for well qualified borrowers and is a great reward for those who kept their head above water after the recession. It's as simple as it gets without having to put 20% down.

@Matt Holmer in your example, you consider the $500/mo debt against the $1000 a month income x .75% and come to the $250. Once you do that, the debt is already considered, so you won't be charged twice for it. 

In the calculation the mortgage is attached to the schedule of real estate, and it will have a net income or net loss to be added to your total debt to income ratio. So basically the mortgage is wiped out and you have $250 per month of income added to your other income sources.

But, like @Joshua D. says, once you have two years, you'll get all of the income shown on your schedule 3 and even get back some of your deductions if you have a good mortgage banker/broker.

I think with your fico score, it's probably not the best deal you can get , point's wise. But as far as the application fee goes, most everyone is charging for your third party costs upfront. Usually $2500 to $4000 for your appraisal, inspections and maybe title work. Even national banks as direct/portfolio lenders. But there's usually no points charged though. But application fees that do not specifically cover 3rd party report costs should be avoided.

No problem! Let me know if I can help in any other way

That would be the loan limit. The minimum downpayment would be 3.5%. So you'd have a $280,829 purchase price in that scenario. Otherwise, you put more money down for a higher purchase price to meet the loan limit.

Don't know anyone who'll do 80% ltv at the portfolio level, but the DCR is very good if those are true numbers supported by 2 years history from the seller. you can definitely structure, cash out on the storage and sfr to cover the cash down on the property. But you'll likely have to do 75% ltv which would put you at $802,500.

What metro area is it in?

BTW, First Key's single family investment portfolio is out of business. I used to offer their portfolio myself. But word is the whole bank is done.

If you have trouble, you can always take a hard money loan for 6 months, then just do a regular refinance.

For your future reference, if you pay cash for the 5th through 10th properties, you can cash out within 6 months of the purchase. After 6 months, you can only refinance existing debt. This is the delayed financing rule that many aren't aware of.