All Forum Posts by: David Sun

Our refinance rate is strong due to the lender's promotion, which ends on 10/1.  Hurry to reach out to us!  You must lock rate prior to 10/1 to get the promotion rate.

Mortgage Loan Originator

NMLS# 1953227

M: 206.225.3143 W: www.30yrloan.com

✉ [email protected] | Apply loan

Licensed in AZ, CA, FL, HI, TX, VA, and WA

1750 112th Ave NE, D155

Bellevue, WA 98004

1350 Bayshore Highway, Suite 740
Burlingame, CA 94010

Company licensed in 48 states

NMLS# 254895

Equal Housing Opportunity Lender

General Mortgage Capital Corporation: 1350 Bayshore Hwy Ste 740, Burlingame CA 94010

Ph: 866-462-2929 (866-GMCC-WAY) /Email: [email protected]; NMLS – 254895

Real Estate Broker, CA Department of Real Estate: CA DRE: 01509029

Licensed by The Department of Financial Protection and Innovation under the California Finance Lenders Act

Licensed by the NJ Dept of Banking and Insurance/Licensed Mortgage Banker-NYS Department of Financial Services

Rhode Island Licensed Lender/For all state licensing information go to: www.nmlsconsumeraccess.org

Disclosures and Licensing: https://www.gmccloan.com/Disclosures.html

Texas: Any consumer complaints please click below:

https://www.sml.texas.gov/wp-content/uploads/2021/07/rmlo_81_200_c_recovery_fund_notice.pdf

Illinois: https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=1196&ChapterID=20

This fabulous program is specifically lucrative if you use it to buy or refinance a 4-unit investment property. Check our flyer for more details. Add me on WhatsApp for an instant quote and consultation.

Visit my AI website, click "Employment Optional - 40% down" (40% down is for primary residence, 50% down for investment property.) Only selected counties in WA, CA, and TX are qualified. You can input the property address to see if the property address is qualified for this fabulous program.

https://agent.gmccloan.com/gmcc/davidsun

David Sun

Mortgage Loan Originator

NMLS# 1953227

✉ [email protected]

Licensed in AZ, CA, FL, HI, TX, VA, and WA

1750 112th Ave NE, D155

Bellevue, WA 98004

1350 Bayshore Highway, Suite 740
Burlingame, CA 94010

Company licensed in 48 states

NMLS# 254895

This fabulous program is specifically lucrative if you use it to buy a 4-unit investment property.  Check our flyer for more details.  Add me on WhatsApp for an instant quote and consultation.

Visit my AI website, click "Employment Optional - 40% down" (40% down is for primary residence, 50% down for investment property.)  Only selected counties in WA, CA, and TX are qualified.  You can input the property address to see if the property address is qualified for this fabulous program.

https://agent.gmccloan.com/gmcc/davidsun

Mortgage Loan Originator

NMLS# 1953227

✉ [email protected] 

Licensed in AZ, CA, FL, HI, TX, VA, and WA

1750 112th Ave NE, D155

Bellevue, WA 98004

1350 Bayshore Highway, Suite 740
Burlingame, CA 94010

Company licensed in 48 states

NMLS# 254895

First-time home investors are OK too!

Free $15k grant to first-time home buyers or buyers who have no other properties at closing to buy home in 13 counties in CA. No repayment needed! No String Attached!

Downpayment can be as low as 0%. No mortgage insurance! This program is designed for buyers that are in need of assistance to pay closing costs. So the maximum down payment is 20%, and the asset after closing cannot be more than 36 months of mortgage payments. Loan amount is up to the conventional or FHA loan amount limit.

To check if you are qualified, please click the link below. Scroll down to the special program and click $15k credits

https://agent.gmccloan.com/gmcc/davidsun

David Sun

Mortgage Loan Originator

NMLS# 1953227

W: www.30yrloan.com

✉ [email protected] | Apply loan

Licensed in AZ, CA, FL, HI, TX, VA, and WA

You can buy your rental property or investment propert with a conforming loan. That is, you provide your paystub, tax returns, etc. The bank qualifies you based on the total debt / income, usually 50% for conventional loan or 43% for jumbo loan. But with your rental property number increases, and the high interest rate, it's sometimes impossible to be qualified with the conforming loan.

Please consider our DSCR loan, which is qualified based on the appraised rent of the subject rental property. Your other rentals and liability don't count. The rate is actually not bad. With 40% down, 760 credit score, 5yr prepay penalty, you may get 30yr 6.625/ APR 6.75. You can also go as low as 20% or even 15% down, less year of prepay, but the rate will be higher.

To check if you are qualified, please click the link below. Scroll down to the special program and click DSCR Rental Flow

https://agent.gmccloan.com/gmcc/davidsun

David Sun

Mortgage Loan Originator

NMLS# 1953227

W: www.30yrloan.com

✉ [email protected] | Apply loan

Licensed in AZ, CA, FL, HI, TX, VA, and WA

Where is the location of the target rental property? Zip code or city/state name? It really depends on your income. If your wage income plus the expected rental income can afford two mortgages, then the conventional loan can be cheaper. Otherwise, the 10yr ARM program 6.75 will be your best choice. For loan such small size, honestly, the monthly mortgage payment won't make big difference between 5% and 7% rate. The real question you should ask is if the deal is good. If the deal is good, there is financing for you.

It depends on your target rental property value. Usually, there is a DTI issue if you need to afford two mortgages. However, there is a program that can disregard DTI and the 10y ARM rate is at 6.75, much better than DSCR. The catch is that, for an investment property, the down payment needs 50%. So if your credit score is good, you can do a conventional cash-out refinancing of your primary residence, and then use the cash-out 50% equity (say 500k) to buy one or more investment properties (as long as the total value is below $1M). We can also do DSCR with as low as 20% down, which can also disregard the DTI issue, but the rate is higher. Feel free to pm me with your scenario in detail.

If you have 40% down, you can use our 10/1 ARM program. The rate is only 6.75. If you have 35% down, you can use the DSCR program. The rate is like 7-8%. Both will disregard your income, DTI, etc. So the key is the down payment. Our 40% down program can even allow you to use gift fund money as a downpayment for rental property. So if the deal is good, do 401k loan, get money from parents, credit card balance transfer (often comes with 0%APR for 12 months), do heloc if you have to. Many banks or local credit unions will provide a promotional rate for HELOC in the 1st year with a rate like 5-6%.

We can do loan in Texas. We can do loan with down payment as low as 3% (not FHA, which means no FHA mortgage insurance) depending on the price. Feel free to pm me with loan scenarios.