All Forum Posts by: David Bilandzija

@Agustin Farias

I represent a private nationwide mortgage lender that offers a 30 year fixed loan that's fully amortizing. Its a no income verification program designed for non owner occupied 1-4 unit properties and here's the kicker... we completely ignore debt coverage(DSCR), negative cash flow is not an issue as long as the property is leased and in good operating condition. We qualify borrowers based on credit and experience - very simple.

The interest charged depends on your FICO score, the program minimum rate is 5.25%.  I'd be happy to share some additional info with you if you find that you aren't bankable and need a competitive alternative.  

You can always consider lending options that ignore DTI, like no income verification loans or sometimes called asset based loans. The rates are generally higher and lenders want borrower's to have larger down payments - think 20-25%. A lot of investors use programs like these. They might be self employed and not show enough on their tax returns in some cases.

Money grab indeed. When I owned an investment SFR in Peoria, AZ the city looked at whose name appeared on the water bill. If it didn't match the owners name a use license tax form would get mailed out.

@Lorenzo Dudley First off congratulations on the purchase of your home. You found a great way to maximize its value. The last poster is spot on with his assessment. I work with an asset based lender that ignores DTI and income verification. The loans we make require a bigger down payment as a result. We look for our borrowers to put 25% down.