All Forum Posts by: Lyndsay Zwirlein

Hey Ivan!  I just moved to Cleveland, OH 6 months ago and am a loan originator for a broker licensed in 49 states. We have over 50+ wholesale lenders and I work with clients across the country.  Also a real estate investor personally. I am looking to get more involved in the local community, so feel free to reach out! Would love to connect and see if we can help!

Lyndsay 

Hey Joshua,

It's hard to find, but have you looked into a LOC? I am an LO for a nationwide mortgage broker and we can only do lines on primary & secondary residences. But it's my understanding that sometimes local lenders are willing to do a LOC on investment properties. You just have to call around. I had one client from PA say he got a LOC on his investment property from PNC interestingly. I see you're in Columbus in PNC's footprint, so that might be an opportunity?? Otherwise I'd just call around to credit unions, local banks, and potentially even some commercial lenders.

Good luck!

Lyndsay

Welcome!!! We just moved to Cleveland, OH 6 months ago, so we're also checking out some multi family opportunities in CLE.  We should keep in touch! 

Hey Colby!! The primary intention for the property must be for use as a vacation/second home. If you rent it out while you’re not there, that is allowed. You are required to sign an FBI occupancy certificate at closing to state you’ll be using the property for the intended purpose (vacation home where you spend at least a couple weeks a year). It comes down to your primary intention for the property. Also I’ve heard that Fannie/Freddie has been verifying this more recently than what they had historically. 

If your primary intention is to use it as an investment, I recommend an investment home loan. It is 85% LTV and you can actually use proposed rental income to help you qualify. It is a conventional Fannie/Freddie loan and the rates have actually been pretty to vacation/second homes lately.

Hope that helps!! Reach out if you need anything!!

Hey Jerome! I am a loan originator for real estate investors and have many DSCR lender partners. I have a few questions, so will shoot you a PM!

Hey Colby! 

The Fannie Mae requirements state that if you purchase a second/vacation home which allows for up to 90% LTV, you must intend to occupy the property for part of the year (typically at least 2 weeks). However if you choose to rent it out the remainder of the time, that is acceptable. Also you cannot use projected rental income to help you qualify for the mortgage, whereas with an investment home loan you can.

Feel free to reach out if you have more questions! Happy to help!  Good luck!

Lyndsay

Hey Eric! Agree with Kristen. I work primarily with RE investors and most clients will use a DSCR for this type of scenario. Max 70-75% LTV and can close in LLC. Let me know if you have other questions!! Happy to help!!

You all are amazing! Thank you!! 🙏🏻

Also for our STRs we do a lease for anyone that stays greater than 30 days! 

Specifically looking for someone familiar with STR and LTR. Thank you!