All Forum Posts by: Isaiah Wily
Isaiah Wily has started 3 posts and replied 7 times.
Post: Mortgage Broker has me worried
- Posts 8
- Votes 4
Quote from @Kristen L Garner:
Your income shouldn't matter for DSCR. They shouldn't even ask for taxes, paystubs, etc. Maybe they are referring to reserves? Usually for DSCR you need show 6 months of reserves (meaning 6 months of principal, interest, taxes, insurance, and HOA for subject property) in any combination of bank accounts, stock accounts, retirement accounts, etc.
Also, you can typically buy down the 3 year pre payment penalty to 2 year or 1 year. You could ask them how many points that would cost if that is important to your investing strategy. Most programs charge about .5 - .75 points for the 2 year option and 1 - 1.25 point for the 1 year option.
Post: Mortgage Broker has me worried
- Posts 8
- Votes 4
Quote from @Jay Hurst:
Quote from @Isaiah Wily:
Hello,
After going through all the pre qualifications and being told I could offer an amount on a property, my Mortgage broker is now saying I need to show more income. I’m worried because we are a week out from closing and I might not be able to close. We are in a competitive market so winning the offer was a huge step.
He's using DSCR for this loan and the appraisal just came in over asking price (which is bitter sweet because i can't refinance for 3 years using the this loan program). What are some options for me if for some reason he says I can't close with the bank statements I've provided to him? Private Lender? Hard money?
Thanks!
Isaiah
Post: Mortgage Broker has me worried
- Posts 8
- Votes 4
Hello,
After going through all the pre qualifications and being told I could offer an amount on a property, my Mortgage broker is now saying I need to show more income. I’m worried because we are a week out from closing and I might not be able to close. We are in a competitive market so winning the offer was a huge step.
He's using DSCR for this loan and the appraisal just came in over asking price (which is bitter sweet because i can't refinance for 3 years using the this loan program). What are some options for me if for some reason he says I can't close with the bank statements I've provided to him? Private Lender? Hard money?
Thanks!
Isaiah
Thank you @Alex Roter! That is very helpful
I am trying to get financing for some multi family units but I'm having a problem with conventional financing due to my tax returns. My businesses were forced to close for an extended period of time in 2020 so my tax returns look completely different from 2019 to 2020. I always file for extensions so my 2021 tax returns (which will look a lot better) will not be done any time soon.
Im looking at two different situations.
1. After reading up on the different loan programs, Im thinking the best financing program would be the DSCR...which I like, but was told comes with a higher interest rate.
2. (This route I have questions on) Bring in a partner for loan approval purposes only. How would I structure this? If their name is on the loan documents, they are taking some sort of risk so how should I compensate them for that?
If someone who has done this before can explain to me how they set up their deal, that would be great!
I will manage the property manager and continue to find deals. My partner would be an investor only.
If I'm using a partnership to purchase a property, how is the deal typically structured between both parties? Like what is an example of what a partner would get if they're putting the down payment and Im the one bringing the deal?