All Forum Posts by: Stephanie P.

I am in the process of refinancing a property and I am happy with the rate I have been given. To lock my rate would cost roughly $1500. Given the market right now and a good chance of rising interest rates would you recommend paying for the rate lock?

Hello everyone

Looking for recommendations for 5-50 Unit Multifamily 30 year fixed loans?  Maybe up to $5M

Thanks in advance!

@Stephanie P. Thank you so much !!

I'll look into this right now. Which brings me to another question

What tells you that you have a " good broker " ? I've called a few and of course they all have nice attitudes and everything, but what tells me if I'm dealing with the right people or not ?

Also I do appreciate you taking your time to respond

I'm at a crossroads, well I think I am. I applied for one of the "1st homeowner" programs that will assist in helping buy my first home. The issue is , I am just a couple points short to be qualified for the program (my credit score ). When I say a couple points short, I mean less than 15 points from being qualified. I haven't long worked on my credit score, but now that I am it is slowly building.  But I am eager to jump on a deal, so do I wait this out as my credit builds, or find a Hard money lender to finance my first home?

Hi community, 

I have a question re: the best way to tap into my equity or find cash for 20% down payment, without the requirement of proof of income or tax return. A little about my RE background.... I purchased my first home in D.C. back in 2013 as a primary. I have since done a full demo and renovation, converting it into a rental, two 3BR units and have some cashflow, but not long enough to qualify for the traditional W2/income loans. I have spoken to DSCR lenders who can possibly help me finance the home but still need help with the 20% down payment.

Tips: I have about 200k+ in equity. Also, I have good credit.

Goal: To get some money for 20-25% down payment for a rental investment using home equity or other ways, which is where I need help. I prefer lenders or options without interest rates that are overwhelming or too high. 

I am still learning so please be kind and/or resourceful with your comments.  Thank you so much. 

Maybe I'm nitpicking, but I'm applying for a DSCR loan and this is the second broker that is marking it as "Conventional." They say its because there's no "DSCR" block (true) but why not mark it as "other"?? My concern is that they're trying the conventional route like another lender a few weeks ago who was trying to get my business. He thought "it could work" I told him my financials are a nightmare despite looking good on paper (self employed, real estate, etc)

What do lenders mark these loans as?

Have a off market property with a extremely motivated seller.

Home does need

- Basic clean out, HVAC repairs, maybe some paint, a few other minor things done but for the most part it's move in ready, in a very nice location, double city lot, also have an opportunity to rent out by the room for x3 what the average rent is in my area.

I'm lost to what approach to take as I've not yet been approved for financing.

I still need to get an inspection but I don't want to contact the seller until I have my ducks in a row. I also have FOMO.

Any advice would be greatly appreciated.

Good afternoon!

I just recently separated from the military and my wife and I will be moving to Washington, D.C.

I will be starting a business and my wife makes self employment income as well. Obviously this does not look good to a conventional lender, so I am looking for any advice on how to get home loans for properties. Any advice helps!

Thank you!

Hello, @Justin Golden

I recommend trying a hard/private money lender. With a HML, we typically do not require any proof of income such as W-2s, tax docs, etc. Really, bank statements are all that are verified to ensure you have the funds needed to close.

Would love to chat if you have any questions!