All Forum Posts by: Dave Skow

@Erik Heldt- thanks - sounds like a decent well thought out strategy .As you cant use your VA eligibility for a rental purchase - make sure that you get fully pre approved with a lender before you begin looking so that you are educated / organized and prepared to make an offer when you locate a property . For a 1 unit rental - there are programs with down payment requirement of 15% of the purchase price ..Good luck

haha:)

@Oliver Martinez- there are plently of lenders  offering loans  under 75K 

@Erin Murphy- thanks ...before resorting to using a DSCR loan - I would try to get approved for a conventional loan .....terms are likely better ....if you already have tried this - most DSCR loan lenders will want to see previous ownership history

@Scott Anderson-  If you are able to obtain a large  credit from seller - I would  recommend  using this to " buy down the  rate" ...if you have no credit to  work with - I would recommend  using a  0 fee / low loan fee  option  to close the loan  ( with the  premise that  refinancing will be an option in the next few yrs ) 

@Aaron Knight- welcome to BP ...I am in the Seattle area as well

@Eric Kajka

THanks for the post 1) your FIL will have approx 2-3% of selling expenses assuming there are no realtors involved ..assuming 600K sales price and existing loan amount he will likely net a bit under the 400K needed for AZ house ...he will also likely have some costs involved with moving and buying the AZ home . He might consider selling to you and saving some funds in his bank and using a reverse mortgage to purchase the proeprty . 2) for your side -if you need to keep the down payment low - using the VA loan is a great idea ...already having a VA loan outstanding you might have an issue using another VA loan . One downside to the VA loan is having to pay for the VA funding fee ( unless you are exempt on having to pay this ) ...if you pay 600K and put 10K down and finance the VA funding fee - your end loan amt will likely be > 600K ....make sure you have a loan pre approval in place and make sure you can use antoher VA loan . Alternative plan would be to use a 3% down conventional loan.

@Nathan Frost- correct -the " interest " only payment  is often made  monthly along with the  monthly taxes and insurance so the only thing missing from this  sort of payment  would be the  principal  amount that  would be  required  on a normal amortizing loan  (  which isnt a huge  amount  ) 

4/22/2024  Andrew – thanks – I think we would be able to assist ..let me know if you have any additional needs or questions

@Vicente Hernandez- thanks for the feedback ...I will save your info for ILL possible  referals I receive