All Forum Posts by: Hong Yang

So I'm looking at duplexes in the Buffalo area and I found one that hits all the boxes. Its vacant, its turn key, its in a pretty decent area, its competitively priced, and should rent pretty well.

However, its been on the market for a long time and I suspect that is because of the leaky basement. My agent inspected the place on a dry day and the basement was wet (not flooded, but definitely wet). They do have a sump pump in there, but it seems like the basement leaks when it rains and all the electrical is in the basement so....

Is it worth it to buy and fix the basement? How bad can it be?

Is this like a $10k fix or is this a black hole that will consume my life.

I do have an SSN and I'm a non resident alien on an F-1 Visa. I talked with PNC and RocketMortgage and they seem to be okay. The only hiccup is that I need my school to send them a letter explaining that PhD stipend income because its not a W2.

I think this is the route I'm going to go with since DSCR loans are almost 9% but conventional is around 8%. I was looking into DSCR because I thought that you had to live in the property if you get a conventional, but apparently you don't if you get a rental mortgage.

Quote from @Erik Estrada:

Quote from @Hong Yang:

Yeah I have a 720 credit score and I have 12 months of bank statements. Is a better LTV possible?

If you have a 720 US score you might be able to get an exception at a higher LTV. Max LTV for Foreign Nationals is about 70%

That's good to know. I think I might need to go through a conventional loan since I don't own a primary. The rates I'm seeing conventional loans seem to be better than DSCR.

Yeah I have a 720 credit score and I have 12 months of bank statements. Is a better LTV possible?

I'm trying to finance a $150,000 duplex in Buffalo with a gross rent of $2000 per month at 75% LTV. I've talked with several lenders and most want previous experience (owns home and investment property), which I have neither. New Silver did give pre approval, but I would like to have more than one lending option. I have about $65k in cash and a 720 credit score, so I should check most of the other boxes. I am also a Canadian with an F-1 Visa, which lenders don't seem to mind. I also make $50k annually from employment and a graduate research stipend.

Do you have any recommendations for lenders?