All Forum Posts by: Kristen L Garner

Do you know if the lender was including 75% of projected rental income for the units in the multi family you would be renting out? Ask them what your DTI % is so you know how close you are to qualifying. Also, ask them how much you are approved for. Happy to help you run through the scenario if you want to PM me.

Hi Mike! If you wait 6 months you would be able to do a cash out refi with DSCR. DSCR does not take DTI or income into consideration. Keep the following qualifying points in mind for DSCR: 6 month reserves for the subject property (can be in any combination of bank accounts, stocks, etc), credit score 700+, and LTV will likely be 75% depending on your situation. DSCR also allows you to place properties in an LLC or corp when you refi (a cool feature that conventional doesn't offer) There are a lot of options out there other than conventional. DSCR is just one!

Hi Kevin & Hannah, welcome! 

You would need to provide your financials to a lender so they can determine your DTI, credit score, etc. Non-QM (non-qualified mortgages) are loans that are not required to meet agency-standard documentation requirements outlined by the CFPB. Non-QM loans encapsulate a wide variety of mortgages, including: DSCR (debt service coverage ratio), bank statement loans, asset utilization loans, etc. I'm happy to hear out your scenario and make some recommendations.

Congrats on your duplex Keegan! If you are qualified for a conventional cash-out refi then you can pull out 80% LTV. (Note: The interest rates go up as your LTV goes up.) If you are qualifying via non-QM then your max LTV is likely 75% LTV, depending on the program. Happy to answer questions for you if you want to PM me.

Is it a single family home or multi family home?  And what is your credit score? 

Hey Michael! I specialize in non-QM.  Happy to help you take a look at the scenario...sent you a PM. -Kristen

Hey Tommy, I invest in Indy (my hometown) and I also do a lot of loans in that region.  Happy to connect! -Kristen

Typically the requirement is that the city's minimum population is 25,000 OR that is is within 25 miles of a city with 100,000 population.  But the numbers vary lender to lender and some will make allow for other compensating factors to offset low population / rural numbers. You may want to try non-QM if hard money rural requirements are giving you a problem. 

Non-QM products will allow you to keep the transactions within your LLC: DSCR, bank statement loans, asset utilization, etc... Feel free to PM with specific questions.