All Forum Posts by: David Kelly

@John Williams

What is the county/state that you will be purchasing in?

Hi Howard, 

I would be able to help out with the Cash out Refinance as long as the property is 4 units or less.  

1 unit investment property I can go to 75%LTV

2-4 unit investment property 70%LTV

All I would need is a mortgage statement and a few questions to quote it for you.  I will send a PM.

Right now is a fantastic time to do a VA IRRRL. Rates have never been better for a VA and the process is very easy. No income docs are needed, no Appraisal is needed, and a mortgage only credit pull. The process basically involves me showing you current rates, locking in, and having you click sign most of the docs up until closing. I am doing them now and I would be happy to help. I just finished another one for a BP member last week. Hope this helps!

You are going to have to look at how much your interest rate is reduced in the new loan. You can do a cash out on a VA up to 100% but you need to consider closing costs as well. This will reduce the amount you are able to cash out. At 4% you will at least want to look into it since rates are significantly lower. Even if you don't cash out, you could look at doing a VA IRRRL which in my opinion would most likely make sense. VA IRRRLs are very easy to do and requires no income docs from the borrower and a mortgage only credit pull. You basically just have to sign docs along the process. Let me know if I can help.

@Garrett Hollenbach

You can get 75% of your value (LTV) on a single family rental and 70% LTV on 2-4 unit property. If you want a quote feel free to send me a message.

@Joseph Saez

A primary residence, 1 unit would allow for up to 80% LTV. Rates are low right now but I cannot post specific rates on here. Get in touch with a mtg statement and I will quote it out tomorrow for you.

I don't do helocs, but they typically are going to come with a higher rate and slightly higher LTV but that has been affected lately with Covid. I always recommend doing a cash out and then a heloc after to capture any more money you might need. I usually can send all the docs to the heloc lender for a a qwick turn around.

@Joseph Saez

You will see there are quite a few people recommending a cash out over a heloc now. Rates have come down even more since this original post. 

@Marcus B Hsu

You should have other lenders quote this out for you. You would be surprised on how much costs/fees can fluctuate.

I am currently helping a borrower that is using only capital gains income to qualify.  He was having the same issue, but there is a way to use it.  You will need to have significant reserves to qualify using capital gains income.  2 years tax returns will need to show capital gains income, and an income calculation will show a 2 year average.  If that amount is 90k that means you would qualify with $7500/mo.  You then need to show 3 years forward reserves based on that amount. $7500 x 36 months = $270,000 in withdrawable assets like bank accounts, 401k, stocks, etc...

@Jessie Troisi

If you have some questions regarding a cash out refinance or rate/term I would be happy to help answer them. 

"It seems like the numbers don’t really work out that way." - Regarding this comment, what are you running into?  If this is your primary residence, and is a 2 unit, you should be able to go up to 75% of the value of the home.  If it was a 1 unit you could go up to 80%.

For example, you owe 200k on a home that is worth 400k.  75% of the value (400k) is $300,000.  300k would be your max loan amount.  Since you owe 200k, that would leave you with 100k cash less any closing costs.

Let me know if you would like me to take a look, I would be happy to help!