All Forum Posts by: Melvin List

This really falls into underwriter discretion.  I would think if you can show a pattern on how the checks are cashed and a good letter of explanation you might be able to get around this.  The latest checks that have not been cashed have the underwriter in a bad spot.

I would use the partner with the 800 credit score on a DSCR loan and keep the other partners just on title.

You should be able to use the market rents for the other 2 properties. The one you already own and also the one you are about to purchase. If you are going to live in the property why not use FHA as long as you don't already have an FHA loan.

If he is going to live in the property the easiest way to finance this would be to go FHA with 3.5% down. He can use his credit and income and you can gift the entire down payment and closing cost. After he lives in the property you will probably need to go conventional. The property will also have to pass the net self-sufficiency test.

@Dawn Maust yes but it's actually a 89.99% loan to value.  

Any company telling you that they will refinance you when rates drop is just giving you a sales pitch. 

To get that loan to value it might be better for fit in the rehab costs.

Always shop around but typically mortgage brokers will have less margin than the big banks.  

@Michael Williams the mix use is not an issue as long as 51% of the property is used as residential.  The problem you will run into is the private lenders will want this to be non owner occupied.  I must be an investment property for most lenders.

@Benyamin Nusair 75% is possible.  Most of these private money deals are looked at deal by deal so the more compensating factors you have the better the change to get a higher loan to value.