All Forum Posts by: Jerry Padilla

@Ryan Daigle

That is because you are reaching out to mortgage brokers and many times they have overlays due to the fact that they are reaching out to multiple mortgage companies, and need your loan to comply with multiple different mortgage company’s guidelines.

You can count 75% of projected rental income.

@Alec McGinn

As others have said, it is always best to get your financing lined up, so you know how much you can qualify for.

I don’t think any agent is going to take you seriously without getting pre-qualified first.

What is holding you back from getting pre-qualifies for a loan?

@Raden Mantuano

I am aware of a renovation loan product that you may be able to use with conventional financing, but you are limited to 4 financed properties in your name and it is a product that is available only if you intend to hold the property.

@John Finch

I would recommend finding a lender that focus on working with investors, as well. You want a loan officer that is familiar with a client owning multiple properties, or multi-family purchases, doing cash out mortgages etc. 

@Teri S. I do have a possible product for this scenario. This product will be limited to conforming limits and renovation costs are a maximum of $35,000. Otherwise if he used the HML then this would be a rate term refi with no seasoning period required. I would be glad to talk with your client about their options.

I have investor renovation products as well if you intend to hold the property after the renovation. 

@Calvin Williams

Have you thought about VA financing?

@Sarah A.

As stated above, are you able to use hard money or delay closing? One week, isn’t much time to find a new lender.

If you go the route of hard money or private money you can always rate and term refinance after closing with conventional financing.

@Eric Lamberton 

Many of my clients have used the BRRR method and I am glad to answer any Financing questions that you have.

@Michael Henry

For a SFR an investment property has an LTV requirement of 75%. How much do you currently owe on the property?

A rate and term refinance you could go up to 80-85% LTV on an investment property. If the 25k is a lien on the property than you could at least pay off the lien with a rate and term refinance.