All Forum Posts by: Jesse Rivera

Why aren't you adding rental income to your DTI calculation? Does the rental income show up on your tax return, schedule E?

Find a lender knows how to calculate income from investors and self employed, you'd be surprised how many do it wrong. This is the only way you will know your true DTI.

Don't waste your time trying to find 100% financing. I would start looking for someone with money to partner with. Create an amazing business proposal with examples and proposed returns (short and long term). You do the work, they supply the money.

This is where you should spend your time..

Why? What would be the benefit?

Agreed. Under 3% is a good rate right now. No points or extra fees added on.

Fannie and Freddie have a couple new refinance programs for low income borrowers, the DTI can go up to 65%. There are some stipulations, but worth a look.

Hi Mel,

My company is based in San Diego, I'm in Long Beach. I'm an active investor myself, so speak the language. I am a mortgage broker that works with over 50 lenders, and many of them have great investor product. I keep my compensation reasonable, so my rates are hard to beat. And we get volume discounts with some of our lenders as well. Also, i have great hair.

My experience in investing and emphasis on education allows me to set a comfort level with your clients, so that they are more confident in their choices and mitigates some of the "buyers remorse."

Happy to help.

It depends. Hard money is expensive. And if you have delays in your project and cannot refinance as expected, it will QUICKLY eat your profits. Double the time period of your project, and add 30% to the bid your contractor gave you. If you can still make a profit, I would pull the trigger.

Something is wrong here. You should have received an revised loan estimate when you locked. Mine come directly from the lender, so are correct (because I am a mortgage broker, not a direct lender). But some companies do it themselves, and I guess have the ability to make mistakes or do bad things.

I would fight this. Threaten to turn them over to the state and the nmls. This is a bid deal. 

And loan depot is being sued right now for lying about loan. Allegedly, they approved loans that should have been denied, to pad their numbers for their IPO. Is it true? Time will tell.

You should be ok, but they will ask you why. If you have a good reason (need a bigger house, closer to work, etc) you will be ok. They will ask for a letter of explanation (LOE as we call it, some weirdos call is an LOX, lol).

You can refi the next day, if all you're doing is paying off the old loan. If you want cash out, 6 months.