All Forum Posts by: Emily B.

I wish! I ran the idea by my agent and he thinks the seller is too old school/conservative/conventional to go for it. 

Thanks Dan. At this point, it looks like DSCR is indeed the best route to take. Sucks about the interest rate though. The seller agreed to extend the contract for 2 weeks so I'm going to spend the next day or two shopping around.

Thanks Doug. I'll definitely ask my lender about an asset depletion loan. 

It does, thanks. To answer your question, I got it on MLS and there's not a lot of room for value add.

Sounds like I need to suck it up and take the high DSCR rate or maybe buy down points (?) Closing costs are 20k, so you're right, refinancing soon doesn't make sense. I don't see rates going down significantly, so that might not be an option for a long time. I wish there was some other option I'm not thinking about...

My husband lost his job 2 weeks ago and it was his W2 we were using for the loan (30yr at 6.625 percent). We were supposed to close on Tuesday but on Friday afternoon I got a call from my loan officer that the underwriters had found out. (His job officially stops May 28th so we assumed there was no way the they'd know about it.) 

I really don't want to give up the property. It's a quad and there are four tenants paying under market rent. Our plan was to get those tenants out, do some light improvements and then rent two out at the market rate of $1500 a month and turn the other two into MTRs at $2400.

To save the deal, I have a couple of options (I know about): 
1) Do a securities backed loan and then refinance into a conventional mortgage asap when he gets a new job

2) Liquidate our stocks and tap into our cash reserves and pay cash and then do a cash out refinance when rates are better (which I doubt will be anytime soon)

3) Do a DSCR loan at 7.725 percent with 30 percent down and then refinance in 6 months or whenever he gets a job.

What should I do? Are there other options I'm not thinking about?

Thanks so much for the help!

I'm a rookie investor in need of a great mortgage broker. I'm looking for someone who is well connected in the VA/MD/DC area and can be creative when searching for the best rates. Thanks!