All Forum Posts by: Erik Estrada

Hey @Stephen Ribero conventional lenders are a lot more stringent in their requirements unfortunately. So if the house is uninhabitable in their view, they will not finance it because it is a huge risk. What you could do is finance the property either by hard money or a fix and flip loan (if it is a short-term flip). If you are planning to keep it as a long term rental you could just do the above, and refinance to a conventional once the property is up to par. 

Sounds like a very unprofessional broker. What is your next strategy? 

@Dominic M. Rates are rising and shopping around could actually cost you an even higher quote than anticipated. Think about it this way, if gas only costed 20 cents more than the next station down the street, but added a lot more mileage, made your engine last longer, and had secure payment method, which one would you choose? 

Many Brokers promise lower rates, lower fees, but do they actually close? Are they responsive once they earned your business? 

Hey @Paulette L.! We are excited for you. California is an amazing state to invest or just live in. We love our In-N-Out burgers. What were you looking to purchase in California? 

@William L Parnell Have you looked into portfolio loans? These programs can finance multiple properties and  would help solve your issue having two mortgage requests. 

Hey @Joshua Overton do you have a contract with your next employer at the other state? Lenders will want to see that you have another job first. 

Hey @Elizabeth Perez it seems like a DSCR loan would benefit you in these circumstances. This loan does not require verification of income or tax returns to qualify. Instead lenders will look at if your total housing expense is less than your rental income.

@Sarah Bella Using a DSCR loan is a great way to get started if you are self-employed. You can do a cash-out refinance on your primary and buy another property without the headache of proving income for your business.

Hey @Jared K. so if I am understanding correctly, you would like to refinance from an FHA to a commercial loan? This could make sense if the total monthly payment on the commercial loan are lower than the FHA loan.

@Alex Roter