All Forum Posts by: Doran Summers

@Joey Moon yes. Banks might not even allow a LOC to be used for downpayment. You would probably have to liquidate the credit cards to use as cash.

@Daniel Porter what docs did you need? Was there any DTI qualifications?

@Dave Steadman thanks for sharing. What’s the qualifications for these loans?

@Bryan Beal nice. Same guidelines as our probably. No doc type of loan.

@Bryan Beal is this a bank? I’ve been getting my client the same rates as well. 5.75% to  6.25% for a 30 yr fixed at 80% ltv. Usually just need a 680 credit score.

@Daniel Porter thanks for the info.

@Salomon W. If you have your own 25% to put down and get owner financing for the deal I don’t see how you couldn’t get a loan. You would most likely need a short term loan then refinance.

@Roger Evans I think you have great terms at 15% down. You mentioned about wanting to sell in 3 to 5 years. So I would go with the lender you have unless you think it’s better terms for 15% down. Then refinance would still come with fees so keep that in mind. Plus you might not have enough equity in the property to refi after a year or two. Then you have prepayment penalties which is probably 3 to 5 years.

check to make sure you get term sheets first and review. Does the home need to be already rented for the bank?

@Dylan Mejo you may have to look outside your area for lenders. Just a thought. Less guidelines and easier to close. I think rates for QM lenders are a little higher. These are programs which is t hard money but softer guidelines that banks.

@Dylan Mejo depends on credit score over 640 and value is over $100,000 you should be getting 80% ltv.