All Forum Posts by: Brittany Minocchi

Hi Hyeseong -

Commented on your other post as well. Most lenders have $75k-$100k minimums, but this is doable as long as you're okay with high fees ("high" being relative to the low loan amount in your case). If you have any questions or would like more info, feel free to connect.

Your loan officer has more information than anyone here and they should be earning that 2% and explaining the numbers to you. FHA loans will have mortgage insurance no matter which lender you go to, it's a feature of an FHA loan. Not all lenders have application fees. Origination fees were in existence in 2020, but whether or not you see them on a loan estimate depends on how a loan is structured. Your only option may be to have it structured that way in order to get the loan approved and/or to pass compliance.

Hey Shavin - 

There are definitely lenders out there for the DSCR refinance portion of your scenario that allow rural properties, it will come down to other factors like loan amount, LTV you're looking for, level of experience, amount of liquidity/reserves, debt service ratio....I have seen lenders allow up to 75% LTV, but it really depends on how the numbers work out and what the rental comps look like.

Hi Ana! 

It all depends on how the numbers work out. From a financing perspective on the property types you've mentioned, condos are the most problematic. They can be done of course, but there's a little more to them. Single family and townhomes are more straightforward. 

If you decide to keep the home, you could refinance (and lose the 3.5% rate) or get a second position loan - this would allow you to access the equity without affecting your existing mortgage. The downside is that these loans have higher rates and a first position refinance would have, but you have to look at your blended rate to see how they stack up against each other. 

Hey Samuel!

If you decide to consider Ohio, I'm happy to chat. I live and invest here and could recommend some agents or property managers and answer any financing questions you might have. Good luck! 

That doesn't make any sense, especially if you already closed on the loan. Maybe that lender has some sort of weird requirement regarding where the funds need to come from, but typically a HELOC isn't an issue....

Hey James! 

Depending on what area of Ohio you're considering, I may have some realtor recommendations. If you have any financing questions, I can assist with that as well. Feel free to reach out!

Your loan amount will be based on the lower of the purchase price and appraised value. If I'm understanding correctly, you'd be the new owner of the home as long as the house appraises for $300k. If it does, your dad would receive the net equity at closing. His closing costs and outstanding mortgage would be deducted from his proceeds, let's estimate that he walks away with If $175k. What he does with the money after that is up to him, and if he chooses to give it to you, that's fine. You would be on the new mortgage and title, your dad would no longer have ownership. 

Depends on the whole scenario - what are the values of the properties? What LTV are you looking for? What is your FICO and overall level of experience as an investor?