All Forum Posts by: Chris Wharton

@Joe Jung the advise from Greg Scott is pretty on point. Let me know if you'd have time to discuss this further.

@Jason DeVelvis might be tough sledding to find that commercial note which meets all your needs. From the sounds of it you're situation is prime for a conventional loan with the only caveat being the LLC. Any chance you could just deed out to yourself and take the note personally? Post closing you could deed back to the LLC. If the goal is to keep debt and financed properties off you individually then I get it, just a thought.

@Jacob Willett with QM loans targeted to FHA or the GSE's you'll run into the ATR rule - ability to repay. The ATR requires the lender to establish historical earnings with enough support the income will continue for the next 36mo. If you have sporadic income it presents many challenges.

If you have family that would be willing to cosign that might help, but given they'd be a non occupant cbwr it would reduce the FHA LTV to 75% on a 2-4 unit. So in that case you'd be better off going conventional with 85% LTV for a 2-unit and 80% for a 3-4.

Lastly you could look at a DSCR (debt service coverage ratio) program, however those are intended for pure investment and carry higher rates, costs and longer closing times.

Hope this all helps.

@Jimmie Powell let's connect. I'm available today or tomorrow.

@Mike Mocek let's connect Monday. Let me know what time works best for you.

@Remington Lyman negative. Pulled during pandemic and yet to return.

@Allen McGlashing I know we've emailed, let's try to connect via phone and run through your numbers.

@Cody McVay let's chat. Since we originated the purchase 6mo ago I'm sure we could do it again for the refinance. All comes down to appraised value.

@Itay Heled I've got some non-qm options we could look at if you like. Let me know when a good time to chat would be.

@Gary Clisele let's set up a time to chat. The greatest challenge would be living outside the US.