All Forum Posts by: Derek Brickley

Yep! I'm sure you've found plenty now haha generally speaking we're seeing 15% down minimum, 640 FICO minimum and no minimum DSCR ratio (not all at once of course) nationwide. If you have a specific situation or deal you might be interested in, feel free to reach out to any of us I'm sure you came to the right place.

Hey Adam!

Sounds like you've already gotten some input but yes. Not all DSCR is the same so you see no-ratio DSCR up to 75% LTV, though often use the higher of the two for debt-service ratio calculation. Also if you have significant funds set aside in reserves you can use that to supplement your rent as well to make a deal debt-service. If it's a primary residence, you can use no-ratio products up to 80% LTV. Feel free to reach out though if it helps to go over some of those in more detail!

One of our realtor partners is in the process of flipping this home.  3 bed 1.5 bath and one non-conforming bathroom in the basement.  2 full living rooms and brand new everything. .8 acres and a barn plus 2 car extra deep garage attached.  If anyone might be interested, feel free to reach out!

It's a huge factor with it... too many people overlook it.  Don't miss the conventional househack with 5% down!

Hey Sam!

We can work a few ways on that, of course you have your 3.5% downpayment but then prepare to have 6 months of reserves set aside.  Then for closing costs in Ohio, another 3% would be a good benchmark to have set aside (not that you need all of it but better to have more than less).  Depending on your goals, you might be able to work to have the seller cover some of your closing costs in which case you could eliminate that cost out of pocket entirely.  Feel free to reach out though if you have any specific questions!

Hey Ilana!

Yep pretty common for sure.  With the investors we're working with right now, time to close from application to close is about 10 calendar days. Feel free to reach out if it might be helpful for you to move quick on it.

Hey Michael! 

Not uncommon, not sure what program you were using or what you're looking for but definitely a few alternatives.  Feel free to reach out if that might be helpful for you though!

There are some options for purchasing/cashing out on a primary that don't look at Debt-to-income ratios.  With the cashout option though, you would need to take the full amount upfront which might not be as beneficial but if you have an immediate use for it then it could be an option for you.  If you have questions on that feel free to reach out!

Hey Elan!

You'll definitely find a ton of people who can help here, hard to say which options could work best but feel free to reach out if it might be helpful for you to look at some of those.

Hey Juliette!

The age old question hahah is your primary residence an FHA/VA/USDA loan or a conventional loan? Conventional I'd argue it doesn't make sense to refinance in most cases unless you qualify for subsidized rates through some sort of program. If you're at 7.25% on FHA/VA/USDA it might make sense depending on your situation. For the rental though there isn't a strong advantage to waiting. As you already know rates would be significantly below that and if you expect rates to drop further you can take a higher rate on the refinance to get a credit to cover all of your costs.

If rates continue to come down, great you can refinance every 6 months (more or less).  The unfortunate aspect we see all too often is when people miss their opportunity to refinance because rates spiked back up and they're forced to keep paying the higher rate.

The way a lot of people right now are balancing this is doing a longer-term rate lock on a refinance - say 45 or 60 days.  This way you're protected from rates increasing over that time period.  Though if rates do improve anytime between when you lock and when you officially close on the refinance, you can get lowered down to the better rate once and that doesn't cost you as a borrower to do.  If it's helpful to go through how that works, feel free to reach out!