All Forum Posts by: Kathleen Holladay

Just FYI, points = % of the loan amount that you will be paying in addition to any origination and title fees.  

412,500 x 3% = $12,375.  

This lender is telling you that to get that 4.75% rate, you will pay an extra $12,375.  That is, if that rate is even available by the time you find the property.  Don't have your heart set on that 4.75%.  I would adjust your expectations.

I actually know of a commercial investor that might be willing to take this one on.  They have 9-24 month terms as well.  Send me a message with some numbers & address.  I'll ask around.

For VA loans, yes. You have to wait 6 months after the cash out refinance has funded before you can purchase another primary. You can purchase a new home as a second home or an investment property, but you're looking at putting more money down. You can always purchase a new home under a LLC with a DSCR loan, but the rates are much higher than using your VA loan. DSCR would also require more of a down payment. I would recommend just waiting until that time period has passed so that you can use those VA benefits.

You can do a Fix & flip loan, but terms are usually only for about 9-24 months. Are you thinking the flip will take longer than that? there are DSCR loans out there, but there is usually a prepayment penalty if you are going to sell all the condos w/in 3 years. It really depends on what the plan is. Fix & Flip loans are usually a higher rate, but the term is shorter. DSCR can be as long as 30-40 years. Rates nowadays are in the 6%-8%. Commercial is another option.