All Forum Posts by: Upen Patel

@Samuel Coronado @Vidhi Amin @Dayne Allen

DSCR (long term and short term) is available for a Manufactured home.

@Jithendra Palasagaram Is this a primary residence purchase OR an investment? If it is a primary it has to be in your personal name, you can't put it in an LLC. As an investment, you can certainly buy it directly in LLC name.

@Kim A. As mentioned by others, there are a few things to take into account.

Here are the financing options and requirements based on the # of units:

• 2-4 unit - Residential property
  • Min 20% down
  • DSCR 1.0+ (lower DSCR with higher down payment)
  • No experience OR net worth requirement
• 2-8 unit mixed use (commercial space can't exceed 49%)
  • Min 25% down
  • DSCR 1.2+
  • Need to have investor experience of at least 1 yr
  • No net worth requirement
• 5-10 unit - Residential property
  • Min 25% down
  • DSCR 1.2+
  • No experience OR net worth requirement
• 10+ unit - Residential property (mixed used is possible)
  • Min 20% down
  • DSCR - Dependent on market size - can range from 1.25 - 1.5+
  • At least 1 sponsor has to have investor experience - multi-unit of approx similar size OR multiple smaller multi units adding up to at least 12 units
  • Combined net worth of all sponsors should be greater than the loan amount - this is after the down payment and closing costs, and not counting equity in primary. Equity in other investment property (100% owned by sponsor) can be use to meet up to 20% of net worth requirement (exception required)

@Holly Calabro

It comes down to hold you want to continue holding the property. If you want to keep in the LLC, DSCR is the answer. If you are willing to move title to your personal name, you can go the conventional route.

With DSCR you will have a pre-payment penalty (PPP) to get a lower rate. 5 yr PPP will get you the lowest DSCR rate.

Conventional doesn't have any PPP, but will be underwritten based on your overall DTI.

Hope this provide a bit more clarify.

Hey! @Tyler Carter

As other have stated, 10% down is the lowest you will get for a 2nd home. I have these options for both conventional and Jumbo loan amount.

Hey! @Travis Andres I do have lending options which will allow rural. Happy to connect. DM me.

@Gabriella Zettelmeyer Has many have stated, finding a Blanket HELOC is going to be nearly impossible. I haven't heard of it.

Since your properties are free and clear, any loan you get will be in the 1st position.

You can either do a Blanket DSCR. OR Individual DSCR. My recommendation would be to do individual DSCR loans. That way if at anytime, you want to sell one, you don't have any restrictions.

 As long as the property is livable and will pass an AS-IS appraisal you can do a Delayed Cash-out refi on the AS-IS value.

@Camden Lowrance Assuming the property is livable and will pass a standard appraisal inspection, you can get a Delayed Cash-out Refi. The loan amount will be the lower of the purchase price (including purchase cost) OR max allowed cash-out LTV based on the appraisal.

It can be done as DSCR or a conventional loan.

@Gabe Kelley Here are a few solutions I can think off.

* For an investment property you can easily do a DSCR loan, 20% down.

* For an owner occupied, you can do a bank statement loan - I can use 12-24 months of personal bank statements to calculate your income. You can do as little as 10% down.