All Forum Posts by: Brittany Minocchi

 Thanks for the info! I may be able to help, feel free to send me a message to discuss. 

Hey Abner! Do you have funds for a down payment and/or closing costs? Are you looking for a loan amount of $60k, or a purchase price of $60k? 

Hi Alan, 

I am also in Ohio. How long have you owned the properties? Happy to discuss how to make this work if you’d like. 

Hi Collin, the FHA loan is for owner-occupied residences, however you do NOT have to be a first time home buyer. House hacking works with FHA too -- you could purchase a duplex and live in one unit while renting the other, for example.

You could start out with a short term rehab loan, and refinance into a DSCR loan if DTI is a concern. This type of loan is based on the income generated by the property.

You mentioned wanting to finance more than one, so I’m assuming you aren’t looking at “house hacking” and living in one of the units? 

If not, DSCR may be an option. Conventional will require 25% for a multifamily as you've seen. There are lenders that will do 80-85% LTV but it may depend on the debt ratio of the specific property, your credit and level of experience. Feel free to reach out if you'd like more info or have questions.

Hi @Natasha Pollock

DSCR is an investment loan and you cannot occupy the property, so house hacking wouldn't be an option, unfortunately. Lenders usually require proof that you rent or own a primary residence to make sure this isn't a potential issue. Many times for first time investors the requirements are more strict (higher ratio required, lower LTV, higher FICO, more reserves, etc.). DSCR loans use FICO, the potential income of the property in comparison to your debt service and reserves to qualify a borrower. The highest LTV I've seen lately for this type of loan is 85%.

 I did recently hear of a program that goes off of your FICO, down payment and reserves and does not require income documentation. Your FICO would need to be 720+, you'd need at least 30% down and 12 months of reserves for best-case scenario.

Are you currently renting, or do you live somewhere rent-free? This loan is an investment loan; lenders will usually want to see that those applying either own a primary residence or have an active lease in place. 

75% is what I'm seeing with most of my lenders.