All Forum Posts by: Anastasia G.

@Izaiah Daughton hello! You typically can borrow 4 x of your gross income on average (could be more/less depending on the debt you carry & mortgage program/taxes). I highly recommend for you to look into first time homebuyer grants and programs to help you with purchasing first property. NY state has plenty to offer... 

NYC has its own 100k down payment assistance program:https://www1.nyc.gov/site/hpd/services-and-information/homefirst-down-payment-assistance-program.page

Feel free to reach out.

Hello @Luke Ache FHA, Home Ready, Home Possible do allow LTV to go above 100%, there programs allow we call it "secondary financing", which simply means you are allowed to use down payment assistance programs for down payment and/or closings costs (DPA); Each DPA is very unique. There are 4 main types of DPAs:

• ✅ Repayable second mortgages - must be paid down with the main mortgage loan
• ✅ Deferred second mortgages - postponed repayment until the sale/refi/move out
• ✅ Forgivable second mortgages - some or all is forgiven over a set number of years
• ✅ Grants - aka gifts, never to be repaid

If you find a program, you would need to make sure that financial institution is on the list of approved lenders for that program. In New Jersey we have access to 100+ DPA programs. State HMFA programs are typically very good. Here is a link to Alabama: https://www.ahfa.com/homebuyer...

@Vaughn Smith has helped many with multifamily 

@Seth O. hello!

You probably inquired with lenders who only provide traditional financing; Your situation will not qualify for that type of financing; As members mentioned here earlier, you best route would be investment loan DSCR where in some cases you can cash out up to 80% of home value. Please note, the more your take out the higher the cost (interest); Also, some programs have limitations on how many members you can have in LLC (most pf them have 4 member limit); LLC can be newly formed, as long as the purpose of LLC is for the ownership and management of real estate. I would be happy to provide with few options, feel free to reach out.

@Steven Pagan could you please share with your insights on historic homes

@Kevin Manafi I would be happy to introduce you to my go to partner for all flood needs - they will be able to advise on all challenges with both sell & buy side. As a lender, my clients wont put an offer on a home without us getting flood insurance quote, once we have a quote we will run the numbers to see if DTI is good; In my experience if property is in a good school system there are no issues of getting it sold. I recommend for you to get a quote before you put house on a market and have that quote ready available for buyers agents to use as a base number... i ve seen flood insurance quotes 1k-15k per year...

@Chris U. we can close as fast ad 5 days with transferred appraisal DSCR (non traditional, income does not matter), however this is not a cheap option; you will get much better pricing with 25% down versus 20% down on DSCR

With traditional financing if you were to go with another lender - you would have to start the process all over... 

@Olia Kalinina hello! it all depends on your strategy, cost of financing, cost of management, cost of maintaining and how much you would net....would be happy to connect!

@Steven Pagan are you able to assist? this is your playground

@Andrew Grace sound a bit excessive to say the least...feel free to reach out, I would be happy to make an introduction to my go to partner for insurance in florida