All Forum Posts by: Dalton Summers

Imagine saving around 2% on loan fees for every investment property you purchase - would that allow you to buy more properties? As both a Realtor and Mortgage Broker, I handle everything from negotiating your sales contract to structuring your loan. I’m your all-in-one expert for every step of your home purchase.

**Receive a Lender Credit of 1.75% of Your Loan Amount On Your Next Home Purchase.**

The Broker Broker Bundle is only possible because I waive ALL my compensation as a Mortgage Broker - allowing me to offer some of the lowest interest rates.

TODAY'S RATES (04/24/2025): 

- Conventional 30 Year Fixed: 6.49% w/ $269 Lender Credit. NO POINTS. (6.836% APR)

- DSCR >1.3 w/ No Prepayment Penalty: 7.250% w/ $878 Lender Credit. NO POINTS. (7.568% APR)

- DSCR >1.0 w/ No Prepayment Penalty: 7.500% w/ $119 Lender Credit. NO POINTS. (7.823% APR)

- FHA (owner occupant / 3.5% down) 30 Year Fixed: 5.750% w/ $1357 Lender Credit. NO POINTS (6.733% APR)

- VA (owner occupant / 0% down) 30 Year Fixed: 5.750% w/ $632 Lender Credit. NO POINTS (5.999% APR)

Loan options ranging from:

💰 Conventional, FHA, VA, and Down Payment Assistance

💰 DSCR

💰 Bank Statement / 1099 Only

💰 Foreign Nationals

- We offer DSCR loans with no minimum loan amount - ideal for markets like Cleveland, Lorain, and Elyria - some options with and without seasoning requirements.

- Purchasing with cash or need hard money? I can connect you with other trusted lenders who can assist. Plus, if you choose to refinance after purchasing the home with cash or hard money, I’ll provide you a one-time opportunity to use my Broker Broker Bundle to save 1.75% on your loan amount.

**If you would like a free rate quote or would like to learn more, you can reach me direct at 440-420-9724 or [email protected]**

Dalton “Red” Summers
Real Estate Broker | Owner | Realtor
Broker Broker Realty
Direct: 440-420-9724
[email protected]

Dalton “Red” Summers
Mortgage Broker | Owner
Direct: 440-434-0190
[email protected]

#RealEstateInvesting #BuyAndHold #RentalProperties #PassiveIncome #RealEstateBeginners #CashFlow #FinancialFreedom #investmentproperties

Broker Broker Mortgage LLC; Equal Housing Opportunity. Company NMLS #2532922. NMLS #1983425. All loans subject to underwriter approval. Terms and conditions apply, subject to change without notice. Broker Broker Bundle Program is available only to clients who are purchasing a home in Ohio and financing with Broker Broker Mortgage. Offer may not be redeemed for cash and is nontransferable. By refinancing your existing loan, your total finance charges may be higher over the life of the loan. 5388 E Lake Rd, Sheffield Lake, OH 44054. Licensed in Ohio and Indiana. www.nmlsconsumeraccess .org/. Broker Broker Realty and Broker Broker Mortgage are affiliated businesses. Broker Broker Realty is a licensed real estate brokerage in Ohio.

For Conventional and DSCR scenarios above, Borrower profile includes the following loan terms: single family, purchase transaction, non-owner occupied, $225000 loan amount, 780 FICO, 75% LTV, long term rental, 24 months reserves, non first-time investor, 30 day lock on 04/24/2025.

For FHA scenario refenced above, Borrower profile includes the following loan terms: single family, purchase transaction, owner occupied, $289500 loan amount, 780 FICO, 96.5% LTV, 30 day lock on 04/24/2025.

For VA scenario referenced above, Borrower profile includes the following loan terms: single family, purchase transaction, owner occupied, $300000 loan amount, 780 FICO, 100% LTV, 30 day lock on 04/24/2025.

I often notice that Borrowers face challenges meeting the FHA self-sufficiency rule for triplexes and quads when putting down only 3.5%. Just something to consider.

Mike McLaughlin with Axis Insurance in Westlake

I'm told Visio Lending can go as low as $75k for DSCR.

Sure, give me a shout. I'm in Sheffield Lake and Avon Lake area on the W side of Cleveland. I can do DSCR or Conventional. Or just about anything else too.

Welcome!

@Laura Winters No offense to you or Dan (from California), but we're talking about Ohio real estate law. If I've got this wrong, I'd appreciate it if you could point me to the section of Ohio Revised Code or law that says a Seller can't sell the property when there's an earnest money dispute.

I don't believe that's correct. A termination and a mutual release for earnest money are two different things. It sounds like the contract terminated due to an appraisal contingency that the parties couldn't renegotiate. Just because both parties are disputing who gets the earnest money shouldn't prohibit a Seller from putting their home back on the market.

Also, here's my "cheat sheet" for appraisals and reconsiderations of value (ROV).

BEFORE THE APPRAISER ARRIVES:
1. Multiple Offers or Over Asking Price? If Yes: Send the top three offers to the appraiser before they visit. This can demonstrate market demand for your property.
2. Provide Comparable Sales: Provide the appraiser with your selection of the three best comparable sales. Just include the address, sales price, and date sold.

IF APPRAISED VALUE IS LOWER THAN ANTICIPATED:
You may be able to request a Reconsideration of Value (ROV) from the lender. I suggest reviewing the appraisal for accuracy and here are a few key points to consider:
• Stronger Comparable Sales: Are there better comparable sales that should’ve been used? This is your best opportunity for a successful reconsideration of value.
• Clerical Errors: Are the square footages, bedrooms, bathrooms, and lot sizes accurately reflected? For the subject property and comparable sales?
• Off-Market Sales: Were any off-market transactions missed? Check county auditor sites or Realist’s public records for this data.
• Adverse Features: Do any of the comps have issues not considered in the appraisal, such as proximity to a high-traffic road, sewer plant, or power lines?
• Recent Sales: Have any new, more relevant comparable sales occurred between the date of appraiser’s visit and now? If so, they may still consider including them.
• Sales Recency: Did any of the comparable sales close more than three months ago? A time adjustment may be needed for accurate valuation.
• Arm’s Length Sales: Were the comparable sales used in the appraisal arms-length transactions? Beware of comps that might skew the value, like those from multiple properties sold simultaneously, or seller-financed deals, which aren't appropriate for comparison.
• Geographical Competence: Is the appraiser familiar with the area? If they're located two or more counties away, their expertise in the local market may be limited. The lender will likely ask how many appraisals they’ve completed in the area of the subject property. If there are too few, the appraisal may be deemed deficient.

And as a last-ditch strategy (and assuming the Buyer has a Conventional/DSCR loan), the Buyer can decide to work with a different lender and the new lender will order their own appraisal.

Can't entirely know what your contract says as it relates to the earnest money, but I'd put some pressure on the listing agent and listing brokerage. If it's also an agent/owner, I think a call to listing broker will get things sorted out quickly.

https://codes.ohio.gov/ohio-revised-code/chapter-4735 (Section 4735.24)

Good luck!