All Forum Posts by: Laura Krukowski

You probably can still do an DSCR, with a letter of explanation on the lates if you wanted something now, otherwise you can wait 5-7 months until those lates are no longer in the past 12 months and do a conventional loan with better terms.

 Whats the exact months those mortgage lates occurred in?  Many lenders generally have a 1-year lookback window where things will change as soon as its been 12 full months without a mortgage late (then will essentially no longer be a penalty besides any effect on FICO score)

Hi Laura, 

Im Happy to connect and assist you on this one! 

Hi Laura,I'm sorry to hear you've been having difficulty finding funding. Your situation is unique, and I believe we can help. Let me address your concerns:

The two late mortgage payments due to your husband's injury are understandable and not a deal-breaker for us. Your experience as a real estate agent is a significant positive. We can definitely explore options for a mortgage on your $350k property to fund both your current renovation and the purchase of your next investment property.

For the new property, we can also consider a separate mortgage to cover its purchase and rehab costs.

Regarding the rural location, while it may limit leverage to around 65% of the property's price/value, we can work within these parameters.

Given your equity position and experience, I'm confident we can structure a solution that meets your needs. I'd be happy to discuss this further and explore how we can help you achieve your real estate investment goals.

Please feel free to reach out at your convenience. I'm looking forward to helping you move forward with your projects.

Best regards,

Jackson

Just like we have a separation of Church and State in this country because we found out long ago that those do not intermingle well at all.  For RE Investors there needs to be a separation of heart and wallet because they as well do not intermingle well.

Even as a delayed purchase it is a difficult value to fund.  There's no money in it for a lender at those price points and those little loans are hard to securitize and sell off their books.  There used to be lenders that funded those little ones, but most have dropped off and even when there were programs that offered funding for that range the terms were brutal.  Lots of fees and points, higher rates, sometimes you are capped on rehab being no more than purchase.

Most lenders will require a 100k loan amount for bridge loans.  I know lenders who will go as low as 65k in a refi loan.