All Forum Posts by: Robin Simon

Yes - Actually a few lenders have just come out with Non-QM Second mortgages for Owner-Occupied and Non-Owner Occupied homes. I haven't seen a HELOC yet. Full-Doc go up to 85% CLTV and a DSCR/Bank Statement only options go up to 75% CLTV.

It seems likely that a product like that would work for you, but they are higher interest, so you would probably need to be looking to refinance out of it shortly after completion, once the new equity is realized. 

My 2 cents would be to look into something like that for the down payment on an investment construction loan and close them concurrently.  

If done within 6 months, that is known as delayed financing, and it typically has the same terms as if you bought with a mortgage up-front.

If you wait 6 months, you can do a true cash-out refi and theoretically pull out more than you put in.

@Monica Soyemi

You're going to have to make a choice on what you want to do... DSCR loans almost always have pre payment penalties (standard 5y) and you are in an area where comps are running dry. Either lower the price to sell or refinance and look at the property as a long term play. At this point you are not likely able to pull your cash out with either option. Welcome to the new housing market. That being said, we would be happy to look at the numbers and see if a refi would work for you. The longer you wait, the worse it will be... 

Hi, I am new to bigger pockets and loving all of this great info!  I am looking to make my first purchase and want to get into the short term rental market, particularly looking in the Outer Banks of North Carolina.  Does anyone have any advice on Mortgage lenders?  I was hoping to do a 10% down vacation property loan.  Thanks for any advice you can give!

Hi everyone! 

I'm looking to invest in an STR in Florida. I have 10% down payment set aside. Most of the loans I've looked at require 20-30% down for STRs. Does anyone know if there are lenders out there willing to handle LTV 90% on an STR? Thank you!

Ken, I know in TX where I’m working to build my portfolio is 25% down on any investment property.

I am currently looking for my first investment property and hopeful I can get some helpful pointers to make sure this is as seamless as possible for my first investment. 

I just purchased my personal property in March and I only say that as house hacking isn’t an option. 

My current struggle is finding a lender that is first time investor friendly. Has a wealth of knowledge on loan options and can point me in a good direction. I believe a conventional loan is likely my best option, but would love to know if I’m wrong. ideally looking for someone that can give me some rough numbers that it would take to make this first purchase. 

The properties I'm looking at are both SFH and Duplexes ranging between $90-150k.

For some additional information that should be helpful. My credit score is currently 698, but varies month to month between 690 and 740. DTI is below 35%, and have a W2 job. I'm always happy to provide more info if needed.