All Forum Posts by: Brittany Minocchi

Quote from @Kyle Keller:

Thank you everyone! There is a PPP until 2027... I'll need to do some maths to see what makes sense. All of your responses help

 Hey Kyle - 

You likely have a 5-year stepdown and are down to a 3% penalty. Some lenders have a flat PPP but most are structured as stepdowns. Look at the cost of the penalty and the overall cost of the refi and compare it to what you'd save/the extra cash flow with a lower rate and see what pencils out better. Happy to chat if you'd like to reach out. 

Hey Maciej - 

There are programs out there for foreign nationals depending on the scenario. Happy to discuss and dig into things further if you'd like to reach out!

I wouldn't think section 8 would be an issue (I've never come across that anyway), you just have to make sure the MARKET rents get your ratio high enough. Typically the lower of the market rents and actual rents are used for that purpose. Happy to chat if you'd like to reach out. 

Quote from @Tekoa Glover:

Quote from @Brittany Minocchi:

Quote from @Tekoa Glover:

Quote from @Brittany Minocchi:

You mentioned that you recently acquired them - are you looking to refinance into DSCR loans then? Rate term or cash out? Are they in your name or an LLC? Long term or short term rentals? That will have some bearing on what type of policy you put in place.

Thanks for the reply. I am looking to refinance into a DSCR because I want to expand. I don't have a mortgage on them. They are in a LLC. I would like to do long term rentals with them.

Any help would be great. I am not afraid to admit that I am a novice,

No worries! You want to pull your cash out of the property then I’m assuming? Did you rehab the properties at all? If not, you may run into issues with title seasoning. Happy to discuss more in depth if you’d like! 

Yes. No I did not rehab them. I would love to chat more.

You’re welcome to send me a message. If you haven’t rehabbed the properties, you’ll be limited to pulling cash based on your initial investment. This may not be a problem for you, but many folks want to pull based on the APPRAISED value so I like to mention the title seasoning. For that, you typically have to wait 6 months. If you’re okay pulling a percentage of what you paid, then you don’t have to wait that 6 month period. :)  

Quote from @Tekoa Glover:

Quote from @Brittany Minocchi:

You mentioned that you recently acquired them - are you looking to refinance into DSCR loans then? Rate term or cash out? Are they in your name or an LLC? Long term or short term rentals? That will have some bearing on what type of policy you put in place.

Thanks for the reply. I am looking to refinance into a DSCR because I want to expand. I don't have a mortgage on them. They are in a LLC. I would like to do long term rentals with them.

Any help would be great. I am not afraid to admit that I am a novice,

No worries! You want to pull your cash out of the property then I’m assuming? Did you rehab the properties at all? If not, you may run into issues with title seasoning. Happy to discuss more in depth if you’d like! 

You're probably limited to 70-75% LTV here, if it can be done. Your post is missing a lot of important info so can't say for sure. Happy to chat, feel free to reach out.

Different lenders have different guidelines when it comes to their minimum FICO scores. For instance, Fannie/Freddie require a 620 for a conventional loan. Lenders can choose to require a HIGHER score, but they can't allow a lower score if it'll be backed by Fannie/Freddie. With VA, there's really not a hard and fast FICO rule and it's up to the lender. So basially what I'm saying is, just because THAT lender won't refi you doesn't mean another one won't.

You mentioned that you recently acquired them - are you looking to refinance into DSCR loans then? Rate term or cash out? Are they in your name or an LLC? Long term or short term rentals? That will have some bearing on what type of policy you put in place.

If you have excellent (760+) credit, can hit a 1.20+ ratio, loan amount is where it needs to be, it's a single family long term rental and you're okay with (and state/lender allows) a 5-year prepay, low 7s is possible. Hitting that 1.20 ratio would be tough in a lot of markets though....too many unknowns to guarantee anything, but it might be worth checking into futher if you can get the stars to align. 

Compare your cash flow between options. Rate will be lower with a higher down payment, so you'll cash flow more, but look at what you're saving by using that as a down payment vs. what you'd gain by putting less down and and using that towards the next property.