All Forum Posts by: Brittany Minocchi

Welcome Orchid!

Foreign national loans allow people outside of the US to purchase properties here, and they can be done as a DSCR loan, meaning they don't require employment history, income or DTI. The biggest downsides are that they usually have higher rates and require larger down payments. If you can wait until you have legal status that would be ideal, but may not be absolteuly necessary if you want to get a jump on things.

Happy to answer any questions you may have now or in the future, feel free to reach out and good luck!

Hey Paola! 

If you're still looking for help with your PA DSCR loan, I'm happy to help. I have options that don't require the prepayment penalty to be bought out, can go down to a $75k loan amount and up to 80% LTV on a purchase.

I would check with your local banks and credit unions. Brokers CAN do them, but they have higher rates and fees, so that's something I typically refer out. Keep in mind that you'll need to qualify full doc (DTI, employment history and income will all come into play) and the property typically needs to be titled to yur personal name, not an entity.

80% is tough for a cash out even on a "regular" property....you'll probably be limited to 60-70%, maybe 70-75% MAX. You're taking a hit for it being manufactured and also because it's rural. 

If you don't want to move into the property, I'd say a conventional investment loan or a DSCR loan are your two best options. If you can qualify with your income, DTI and employment history, conventional may offer better terms. If you are considering a property in a location you vacation to, you could also look at doing a second home loan. Yo do have to intend to occupy for at least part of the year, but you wouldn't have to move into it. Depending on what price range you're looking in, you might be a little tight on funds. I wouldn't mess with your index funds if you can avoid it.

Banks that strictly follow Fannie/Freddie won't allow you to close in an LLC, but if you do a debt service ratio loan (this is nonQM, meaning not conforming conventional) you can. Instead of using your personal income, employment history and DTI to qualify, a lender would look at the income or potential income of the property to make sure it cash flows after taxes and insurance are accounted for. Your FICO will also be a factor.

Yep, you're all good! Just don't change your address to your parent's house, that would throw up a red flag. as long as that remains your primary and you aren't renting it out for at least a year after purchase, there shouldn't be any issues. 

 Entry costs are typically lower and have higher cash flow in areas like Akron, Canton, Dayton and Toledo based on what I've seen and my own experience. 

 It depends on what you're looking for (neighborhood rating, cash flow, appreciation, etc) but I help a lot of investors in areas like Akron, Canton, Dayton, Toledo, Cleveland, Cincinnati and Columbus.