All Forum Posts by: Brett Thomas
Brett Thomas has started 0 posts and replied 17 times.
Post: Lender asking for $250 deposit for pre-approval letter
- Posts 18
- Votes 4
There is no reason to use that lender, 95% of lenders don't charge a fee - stay clear!
Post: Looking for a lender that offers cash-out refi on Investment Properties
- Posts 18
- Votes 4
Josh - Plenty of options out there. Are you looking for conventional or DSCR? Conventional will mean you have qualifying income to support the loan (W2 or Self Employed?). DSCR is the easy way to go but come with higher rates.
Post: Seeking Recommendations for DSCR Lenders
- Posts 18
- Votes 4
Quote from @Rafael Carvajal Jr:
Hello everyone,
I am currently in the market for a DSCR loan and would greatly appreciate any recommendations or insights you might have. If you've had a positive experience with a particular DSCR lender or have heard of reputable institutions, please share your insights. Your firsthand experiences and feedback will be invaluable as I navigate this process.
Thank you in advance for your help and recommendations!
Best regards,
Rafael E Carvajal Jr
There are a bunch of options available with DSCR. You will want to shop rates, and costs with these. Also there a options with NO SEASONING if that is of interest for a refi.
Post: Assuming an FHA loan if I’m not a first-time home buyer
- Posts 18
- Votes 4
Yes you can. HOWEVER, FHA/HUD is 4-6 months out minimum to get these done. So if you are in contract for 30-60 days there is no way you will meet your deadline. It is unfortunate. I helped 4 buyers with this process in 2023, brutal. None of them could meet the deadline. Sad part is listing agents are advertising "FHA Assumable Loan" on MLS and they dont understand the process/timing.
Post: Assuming loan on inherited triples
- Posts 18
- Votes 4
Most loans that are assumable are FHA or VA loans. Both entities are 90-120 days out to execute the assumption, not much help when you have 30-60 days to execute on a contract. In your case with estate sale this could work but Wells will have to approve, and it sounds like the note is not assumable.
Post: Best Option for funding
- Posts 18
- Votes 4
Quote from @Amanda Glendenning:
Quote from @Andrew Postell:
@Amanda Glendenning just curious here...but what is your current lender saying? What's in the way that they won't give you the money here?
It’s not that they wont give us the money - Its simply that they only offer a few options and I wanted to see what else may be out there. They did offer a cash out refi at 7.75% today so we may run with that.
Core CPI numbers report came out positive today, this will drive mortgage rates down below the 7.75% for cash out refis.
Post: Other options for construction/agricultural equipment consolidation
- Posts 18
- Votes 4
There are some commercial AG programs available for land/real estate. If you are looking for equipment financing you would need a commercial loan.
Post: Best Option for funding
- Posts 18
- Votes 4
Cash out refinance is the way to go. If you have good credit and reported income, fannie and freddie/conventional would be your best option depending on how long you have owned the properties, this would be best rate, lowest cost out of pocket.
Post: What percent of lenders would allow borrowed funds for a borrowers down payment?
- Posts 18
- Votes 4
Borrowing funds on a conventional Fannie/Freddie loan are not allowed. Some HML and DSCR will allow. But like other have suggested fannie/freddie HML and DSCR lenders will allow gift funds to be used. Hope this helps.
Jimmy - plenty of DSCR and other portfolio options to assist. Happy to discuss with you.