All Forum Posts by: Jay Hurst

Both Fannie and Freddie will allow you to deed over to a LLC after closing on an investment property as long as the same obligated on the note are members of the LLC. Of course to go this route you need to be able to qualify for the conventional loan.

https://servicing-guide.fannie...

Yes it will.  Just show the lease if it is not yet on tax returns, or tax returns if it is and it can be counted. 

we make these loans for qualified borrowers in Texas.

You can do both conventional and DSCR with 15% down.

A lot of loans are not reported on a credit report. There are plenty of small local banks who do not bother to report on credit even on a primary residence.  But, that does not mean anything. If you personally guaranteed the loan  (meaning it is a recourse loan) then you are responsible for that loan no matter if it is on your credit report or not.  

But, do need to clarify, the 15% DSCR loan would NOT be available for for a first time investor. (would have to have at least 12 months of history) but the full documentation conventional loan would be fine for a first time investor.

15% down is available for full doc conventional financing AND debt service coverage ratio loan for single family homes.  You do have to have decent credit for both options but fully available. 10% would have to be a portfolio loan that there is likely more to the story the simply 10% down. 

The 15% would be based on the 1007 market rent schedule in the appraisal. So, in markets were STR is really all there is if the appraiser does a good job in documenting that in the 1007 STR can be used. However, that data is much harder to track down so you would likely have to qualify with a less rental income then you think you might be able to generate.

  We do them. 

when you say no proof, are you saying you do not have a lease or/and or have not been reporting the income on your tax returns?