All Forum Posts by: Lyndsay Zwirlein
Lyndsay Zwirlein has started 4 posts and replied 317 times.
Post: Low Down Payment Options for 2-4 Multifamily Units
- Lender
- Posts 331
- Votes 209
Quote from @Evelyn V.:
Hi BP,
I'm currently looking to put a low down payment on my first 2-4 unit primary residence, and I've been pre approved to go with FHA. A lot of the homes I'm interested don't qualify for FHA financing due to their requirements. Is there any other loan options where I can put a low % down? Based off the lenders I've spoken with for a 2-4 unit, the minimum with conventional would be around 15%-25%.
I've found a triplex that is asking for $235k that I don't think will qualify for FHA, but I don't want to take it out of the picture just because I can't afford it.
Thanks!
FHA is your best bet at 3.5% down with a multi-fam. My question is are you sure it doesn't qualify? or is it that the sellers/list agents aren't interested in accepting FHA due to the low DP amount?
Post: my last shop looking for a lender
- Lender
- Posts 331
- Votes 209
On the purchase are you wanting to owner occupy? Or use as an investment?
If you're pursuing a conventional loan on the new purchase, a lender can typically only use income from your current home if it is a multifamily or if it is legally zoned to have an ADU. Is that where you're running into issue?
Post: TRUE OR FALSE - Fannie Freddie
- Lender
- Posts 331
- Votes 209
True! Most lenders will have a "due on sale clause" in their docs. Ask the lender how strict they are if you were to quit claim. Some lenders don't mind because as you stated, the underlying ownership (you) doesn't change.
Post: First investment back against the wall. Need advice!
- Lender
- Posts 331
- Votes 209
Could you use one or both units as a medium term or short term rental to increase income?
Post: Help financing rural property in East Tennessee
- Lender
- Posts 331
- Votes 209
How many projects have you done in the past 3 years? We might have a solution for you.
Post: Cash Out Refi w/o W-2…how the do you do this?!
- Lender
- Posts 331
- Votes 209
Quote from @Dustin Sanders:
I quit my W-2 and like many of you, I have solid equity with my portfolio now. How do I do a cash out refi now that I am no longer working?
Thanks in advance!
Like everyone is saying, there are a lot of non-qm (non qualified mortgage) options now like DSCR, bank statement loans, asset depletion, etc. I'd get with a broker who does all of them to see what options work for your scenario.
What I've seen with most clients is the non-qm options have higher rates so it really impacts cash flow. Depending on property type, you can also look at blanket lien options and perhaps even commercial. The balloon stinks but rates are better.
Post: Bank does not consider rental income for loan
- Lender
- Posts 331
- Votes 209
Quote from @April Laspinas:
No, this would be a separate mortgage for the rental property itself. Based on my understanding that they would not consider the potential rental income is that they would only use our current income to evaluate whether we qualify but also considering we already have an existing mortgage with them for our primary residence. In this way, we wouldnt have much wiggle room in terms of how much we can get on the loan.
Hey April! If this is a conventional investment home loan, there are lenders that WILL count the proposed rental income from the property. Some lenders have different requirements, so this particular lender you're dealing might not use it.
Post: Self Employed Lending Options
- Lender
- Posts 331
- Votes 209
Bank statement loans work for self employed individuals too. Can be better LTV than DSCR.
Post: 3 days from closing and having trouble with lender
- Lender
- Posts 331
- Votes 209
Quote from @Kaitlyn Beard:
Hello all,
I am 3 days from closing. I had an issue with my 2021 tax returns and my CPA had to get them amended to be fixed. The underwriter said the 2021 tax return cannot be used as legible since its been amended. Keep it mind I already have thousands invested into the house I am 3 days away from closing on. My lender said I could co-borrow with someone who would be a potential partner. I have someone interested that I am really good friends with and share mentorship over finance over REI. For an official partnership, are there any partnership proposal documents you guys have to make this be presented as professionally as possible? Any recommendations or help would be nice. Time is ticking until closing!!! TYIA :)
Every lender will look at this differently. I would recommend asking for an extension (1-2 weeks) from the seller. They should be amenable. Find a different lender who can close fast and have just you on the note.
Post: How do i find a DSCR lender in OHIO
- Lender
- Posts 331
- Votes 209
Quote from @George Duchatelier:
My partners and I are interested in purchasing our 2nd rental property somewhere in OHIO. Due to the fact that i have 2 rental properties already in MY name, I know going the traditional route wont work. (I bought a duplex with my partners and a SFH with my wife) I found a post on IG where you can get a DSCR loan. I'm interested in finding a lender that I can contact to see about qualifying and possibly purchasing another rental property some time in 2023. Any information would be helpful and grateful. Thanks!
Hey George! Happy to help. I am a Loan Originator and can do both conventional and DSCR. I'm located in Cleveland area but work with clients across the country. Feel free to reach out if you're still looking!