All Forum Posts by: Calvin Boyd
Calvin Boyd has started 2 posts and replied 3 times.
Post: 2nd home loan for STR
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Staff nurse for 3 years, contract for 2 years. We don't write off any expenses.
We are hoping to get a second home loan for the property because we were told there are options for 10% down payment and the rates will be slightly lower than an investment loan or DSCR loan.
Post: 2nd home loan for STR
- Posts 3
- Votes 0
My wife and I are looking for a second home loan to purchase a cabin in Broken bow, Oklahoma. We will use the house for short term rentals.
Her monthly income is $12,333 (1099) mine is $3,333 (W2). Credit scores both over 780. Our only other debt is our PITI payment on our primary residence $1,005 monthly. We have $130,000 cash $50,000 stocks and around $140,000 equity in our house.
Purchase price will be around $590,000. PITI will be around $3,800. Ideally we wouldn't want to go higher than 10% down if possible.
The first lender we talked too said it would be problematic to be approved because my wife is a nurse (5 years in the field) and she is currently doing travel nursing contracts and is 1099.
If you are a lender and think you can help us, or if you know of a better way to get the financing for this deal aside from a 2nd home loan then feel free to reach out.
thanks.
We are starting a new LLC to purchase a rental property using a DSCR loan. How long do funds need to be left in a new business account before they are available to be used to purchase a property?