All Forum Posts by: Dennis Muno
Dennis Muno has started 1 posts and replied 324 times.
Post: Travel Nurse Lending Options
- Lender
- Denton, TX
- Posts 349
- Votes 80
Quote from @Walter Jimenez:
Hey everyone,
My significant other and I are travel nurses currently on contract renting in Redondo Beach California but we are originally from Tampa, Florida. We are complete newbies to real estate investing, but looking to make that next step toward our investment goals. I am currently enrolled in the BP rookie boot camp but have not gotten to the financing/lending portion yet. Wanted to see if anyone has any experience working with travel nurses and if there has been any trouble with getting approved for loans. We have heard so many different answers from many different people and wanted to post here and see if we could gain some more insight. Ideally, we would love to house hack and utilize an FHA loan to have extra cash in our pocket to rehab the property. Also would love to hear any advice someone has, in regard to getting started in investing especially in this economic climate. Thanks ahead of time!
Thanks for the clarification of you being W2 classified. Provided you got good credit(not lower than 580; lender dependent), got a reasonable debt to income, don't have negative credit history and your application info is in line with lender/loan product guidelines you should have some ease(subject to lender approval).
Some ways to proceed:
FHA loans, bank statement loans, conventional loans, DSCR, hard money for buying the property to rehab and then a cashout refi after the rehab to get a more stable loan, etc. The best loan product would be that which allows you after expenses some cash flow and that which you can qualify. Best of luck!
Post: Using a Home Tap to access my Equity
- Lender
- Denton, TX
- Posts 349
- Votes 80
I would say for the home tap, make sure you get the numbers. Like many have said here, this does not seem like a great way forward
Also, there are many lenders who do HELOCs for investment properties. I would say call up your local mortgage broker and let him call up some lenders to see what your options are.
Best of luck!
Post: Mult-Family opportunity financing in Phoenix
- Lender
- Denton, TX
- Posts 349
- Votes 80
For financing, I would recommend you contact a mortgage broker locally. They should be able to put a search out with multiple banks for their financing offers and then present them to you.
Best of luck!
Post: No money down, finance a commercial property that is cash flowing
- Lender
- Denton, TX
- Posts 349
- Votes 80
I would recommend you call up a mortgage broker locally. They are usually partnered up with multiple lenders and should be able to provide you with some financing options.
Post: HELOC Option ????
- Lender
- Denton, TX
- Posts 349
- Votes 80
If this is too good a deal, you run your numbers and after purchase there will be a good ROI as well as a way to pay the HELOC off, maybe yes
Post: Travel Nurse Lending Options
- Lender
- Denton, TX
- Posts 349
- Votes 80
Quote from @Brian DeLuca:
Quote from @Dennis Muno:
Since you are travel nurses, I am guessing you are paid 1099. There are still options for you. There are many lending options to proceed:
1. DSCR loans: Your personal income is not used as proof of income. Rather if the property monthly rental income can cover the monthly Principal and income, taxes and insurance, and sometimes HOA fees(PITIA). You get qualified usually based on credit and DSCR ratio, with other lender specific requirements.
DSCR ratio= Monthly rent/PITIA. Usually a ratio of 1 and above is good. 1.2 and above with a 660+ FICO will get you better loan pricing. Some lenders can do DSCR ratios down to 0.75 but note your loan pricing will be crazy high. DSCR loans usually have interest rates 1-2% higher than residential interest rates. Keep in mind it is possible to buy down your rate usually 2-3% as long as that does not fail the points and fees test. Ask a lender about that.
DSCRs will usually be used for if the property already has tenants and is cashflowing. Some lenders will lend based on estimated rent but your pricing will be higher. This loan is not used for rehab. Can be used for purchase, refinance, cashout refinance.
2. Bank Statement loans: Even better, and will get you better pricing than DSCR loans because you show proof of income, meaning lesser risk to lenders. Lenders will usually qualify you based on your Bank statements for usually 6 mos -2 years. Check with lender for pricing. Even better for self-employed 1099 workers
3. 1099 income loans: Like bank statement but your 1099 income documents will be used to assess risk and qualify you.
4. FHA loans like you said are possible but get a lender to check FHA guidelines for self employed/1099 income earners before you proceed.
5. Hard money/private money to buy property and do some rehab. Once rehab done and property is fixed, you can refinance to either a DSCR refinance or bank statement refinance to get lower and reasonable monthly payments on property. For DSCR once property is cash flowing you won't have to show income just rental income vs PITIA.
I'm a traveling Respiratory Therapist for over 2.5 years now and have never been paid using a 1099. It is always a W-2
Thanks for the clarification!
Hello Dusty,
Have you tried calling a local mortgage broker? Mortgage brokers are able to shop multiple lenders for pricing, compare them and bring them over to you. I believe you could start there.
Best of luck to you
Post: Private Money options for residential development project
- Lender
- Denton, TX
- Posts 349
- Votes 80
I would say contact a local mortgage broker to assist you. The mortgage broker can call up multiple banks/private lenders to get their financing offers based on information you give them and then get back to you with that information. Best of luck to you!
Post: I need help with my first brrrr!! cash out strategic !!
- Lender
- Denton, TX
- Posts 349
- Votes 80
Hello Dilelvi,
I would say the best bank/lender for you will be the one with the best loan pricing for a cashout refinance and one that has a good reputation(don't take 60+ days to close a loan, responsive, good customer service).
You could start by calling up multiple lenders and getting their pricing. Shop multiple loan offers before you proceed on how. Shop loan to value for how much cash you can pull out, and docs that will be required.
Good luck!
Post: Bank is not offering HELOC
- Lender
- Denton, TX
- Posts 349
- Votes 80
I would recommend you call up some HELOC lenders and see what their loan pricing will be. Or, you can contact a local mortgage broker and have them put up a search for you with multiple lenders/banks for their pricing for you. Best of luck to you!