All Forum Posts by: Derek Brickley

Hey Youngwoon,

Short answer is no, you are not a first time buyer by any standard. However as long as your first mortgage is conventional you would be eligible for FHA. Note that you definitely should not tell any lender you are a first time buyer regardless. It will show up further in the process and will need to be explained to get you an accurate preapproval and to ensure the process goes smoothly. Going forward, the best thing you can do would be to reach out to a lender who understands how to work with investors so that they accurately account for your rental and get an idea for your budget/price range.

 Hey Shak!

Seems about right, but I will add that you have 30 days window when looking for a mortgage to have multiple hard credit pulls.  The first one is the only one that will have an impact within 30 days, so looking at other possibly options doesn't have any more of a negative impact.

As already mentioned it definitely depends the specific scenario!  If we might be able to help, feel free to reach out!

If it's a multifamily, and you want to remain ambiguous then I would just mention you are the property manager and make the owner some other guy haha

If it's a roommate, I think that level of transparency would probably be important since you will be living so close to the other person.

Hey John!  There are probably going to be a lot of options available depending on how your portfolio is structured.  Feel free to reach out if we might be able to help or look at options.

Yes you should have that information prior to locking your rate. Each lender will be different, but when using DSCR your terms impact your debt-service ratio so it will be important to get that taken care of earlier rather than later.

Hey Nolan,

Was there something specific you were looking for?  Really would need to know more about you and your situation to see if we could even help in the first place.

Hey Caroline!

Everyone has already hit the nail on the head. VA is a great opportunity for starting your journey. A quick tip: the VA loan in itself is a specific niche but so is real estate investing. Finding a team that has helped people looking for a VA househack and understands both is going to be so important for your househack, but further down the line as well.

Hey Jared! As already mentioned, trying to refinance into a investment loan might not be the most beneficial. Other than wanting to buy another property, you would need a concrete reason for not living in the property for one year. In addition, the cost to cash-out refinance an investment property at 80 LTV probably would be beyond ATR/QM limits. Unfortunately, a cash-out refinance as an investment industry-wide would not be at 85 LTV. When using primary residence loans, you are sadly restricted with how quickly you would be able to scale.

My initial thoughts: What type of property would you be looking to buy as a primary residence?  If you have a justifiable reason for buying a new primary, then it may be possible.  I would not recommend refinancing that 4-unit at all.  As I mentioned before, the cost to do so would be extreme and your interest rate would be higher.  You don't need to refinance out of the primary residence loan to buy another primary, but the other seasoning applies.

Hey Ryan!

The exact LTV and terms definitely would vary based on the details of the scenario, but that shouldn't be a problem. How much are you looking to pull out and what are market rents?