All Forum Posts by: Lyndsay Zwirlein

I was under contract to purchase a 4 plex through an FHA loan with 3.5% down. My underwriting was complete and I was fully qualified, but the FHA loan was not approved because the rents listed in the appraisal didn't cover the monthly mortgage if I were to not live in the residence. This was intended to be my primary residence and I was intending to rehab the units to meet the premium market rents (the appraisal showed them at about 65% of full market value).

Has anyone found a way around this clause? It seems counterintuitive that I have qualified to cover the mortgage while living in the home, a requirement for the primary residence FHA loan, but now cannot get approved if I were to rent it out (which I'm not supposed to do).

Currently working on ways to salvage the deal and would love some help.

I want to buy an investment property but I currently have two mortgages that I pay (for my primary and second homes). I have equities of about $500,000 from both. What possible financing options do I have? Any ideas or suggestions are appreciated. Thank you.

Hello all,

My girlfriend and I are trying to get a $250,000 FHA loan for a duplex to house hack. We didn't think it would be any issues at all because combined we make enough for that loan amount. After going through the process for pre approval today with a Mortgage banker for home loans they said since my income is a national fellowship stipend it cannot be counted AND my secondary source of income that I've had for 4 months also CANNOT be counted. This made only my girlfriend's income be eligible leaving us pre approved for $200,000, which is very disappointing and discouraging since there are very little duplexes in our area especially ones we'd want to live in for $200,00. This was a dream of ours for so long and any help or insight would be appreciated.

We both have over 750 credit score and 0 debt.

Thank you!

75% LTV, NO SEASONING, CASHOUT REFINANCE, $ 10,000 IN DISCOUNT POINTS but 1% orig fee and $ 2000 underwriting fee. Maybe it is ,10 years interest only , 5 year ppp. I dont know.

please 

Hello all,

I want to purchase a condo vacation home that I hopefully will be able to STR in CO. I live in TX. I cannot do a conventional loan because I do not have a job and my husband is not ready to input his info (for his W-2 job) for a loan application so I am trying to think what loans will work for me? I do have money for the down payment. Do I just use a hard money lender? Any advice? Thanks

Hello,

Traditionally I have always done 20% down for a rental property and tried to see if I can find anything on obtaining a loan that requires less than 20% down on a investment property. I have great credit, own my personal home already and have no other debt. 

Has anyone had luck with obtaining a loan on a rental property with less than 20% down? If so, how did you go about it and what has your experience been?

We bought an STR this year but we were not able to rent it at all due to some repairs that took much longer than expected.

Wondering what to expect come tax time. Will we not be able to write off any of these expenses because we have no rental income?

Some additional info. I have 1099 income from my LLC that has nothing to do with real estate. Though we didn't purchase the STR with LLC on the deed.

Do DSCR loans used on property purchased under a business name show up on personal credit? I've heard that they don't but then I've also heard that they can if you miss a payment.