All Forum Posts by: Raymond J. Rodrigues

@Mireille Tribie that seems quite strange and abnormally high. I’d be happy to take a look for you and give you a second opinion to see if what you’re being quoted is actually a good deal or not.

 @J Dubs are you still active duty? You mentioned a few important things that caught my attention. You can convert your current property to a long term rental property to offset your current mortgage payment when purchasing a new home. Being in the medical field while working travel jobs is a bit tricky. Usually these are jobs that are contracts for a few months and are not a guaranteed salary for 12 months. When qualifying in this regard, since this is considered variable income, you will need at least 12-24 months of receiving this form of income, in order to use it for qualifications, similar to travel nurses. You will also need to prove that Florida is your legal domicile. I have worked with clients like this in the past that have come from other lenders that were told that you could not qualify. 4 out of 5 lenders will say they can't do your loan due to being transient in nature. Feel free to reach out directly with any questions. Happy to share my knowledge with you. I also recommend that you reach out to @Josh Green, he is the local expert in the area to assist with your home search and is also an investor himself. Oh, and just some quick math if you haven't already done so, your remaining VA qualification through entitlement is calculated by subtracting your original VA loan amount from your first purchase price against $766,550 here in Florida, and that is the maximum purchase price that you can qualify for, with a second VA loan, without having to put extra down payment.

If you end up wanting to sell them or would just like to bounce ideas off someone local to the area, reach out to @Josh Green! 

Hello @Nichole Rich Byrne, I'm sorry to hear that this happened to you. @Adam Bartomeo runs a professional property management business in the area and is also a long-time member of BiggerPockets. Reach out to him! 

@Devin Peterson why would he only be limited to a debt service coverage loan if he could take out a conventional loan as an investment? 

A good friend of mine @Josh Green that is an investor/investor focused realtor is having great success in the Tampa Bay area. If this area interests you @Angelo Proto, he would be a great person to reach out to. I hope this recommendation helps your search a bit! 

@Matt Smith, are you looking to purchase a single family or multi-family property in the Tampa Bay area? What makes you think that you will not qualify for anything? It would be a good idea to have a lender review everything to see what your options are. Happy to take a look for you. If everything lines up and you'd like to also discuss with an investor/ investor focused realtor, I recommend reaching out to @Josh Green. He is our local BiggerPockets expert in the area. 

@Heidi Cousineau, you mentioned house hack and STR in the same sentence, which to me sounds like you're buying this as a primary and intend to rent out right away. Mortgage occupancy fraud is at an all-time high right now and lenders are watching this like a hawk. If you are buying it as a primary, I highly recommend not quit claiming your property to an LLC. That would just be asking for trouble.

Hi @Abdullah Al-mamoon, there are DSCR loans out there that allow a minimum of .75/1 ratio versus the standard 1:1 ratio. There are also no ratio DSCR loans. These typically have higher rates and require anywhere from 20-30% down, which is better than the 50% that you mentioned. I would be happy to share more information with you if you'd like to learn further. Feel free to contact me.

@Jacob Sherman if you cannot offer one time close loans and think that they do not exist, you definitely don’t know what you’re talking about. Why would a borrower go to a retail bank and pay a premium rate when they can go to a mortgage broker that’s tied to wholesale lenders exclusively and save money on closing costs and interest rates?