All Forum Posts by: Tanner Connelly
Tanner Connelly has started 2 posts and replied 48 times.
Post: DSCR loan - rates/lender check pls
- Lender
- Posts 50
- Votes 33
Quote from @Derek Nemec:
Quote from @AJ Exner:
Does sound pretty straight forward.
The difference between 70-75% is not insignificant, but 75% with a 740 should get you around 7.5%-7.75% pretty routinely while at 70% I'm starting to see some groups sniffing around low 7s to minimum note rates showing a 6-handle.
Obviously, reduced leverage always helps, but at a 1.2 DSCR, that should be good. I know there are groups that, depending on where you are, can do 80% Cash outs down in TX. Is that where the property is located?
you're looking at anything from 1-2.5. who you work with matters
Post: How to Structure a Home Purchase with Two Couples Buying
- Lender
- Posts 50
- Votes 33
Technically, if they have the mortgage on the house, you, as an immediate family member, can gift them a down payment. Otherwise, all four of you can go on the singular loan and work out everything on the backend. Things can get messy fast.
Post: Working on my first multi-property portfolio loan
- Lender
- Posts 50
- Votes 33
Originating my first multi-property portfolio loan. Ask me questions about the product as we get going on this, would love to help others learn more about wrapping multiple properties under one mortgage.
Post: 2023 FHA Loan Limits
- Lender
- Posts 50
- Votes 33
should be within the next couple of weeks
If you can get it below, do so. This market is leveling off, there is no reason to be paying over at this point!!! If the numbers work go for it. You can always refinance to get the payments down and make it workable.
Post: Can I assume an FHA loan and get the PMI dropped?
- Lender
- Posts 50
- Votes 33
If you are bringing the 20% down I don't see why not, but another lender on here may know more. We don't see to many people assuming loans for me to be fluent enough on it.
Post: Second Home Loan Options
- Lender
- Posts 50
- Votes 33
you're looking for a DSCR loan!
Post: Should we tap into equity even though our rates will go up?
- Lender
- Posts 50
- Votes 33
from an investment stand point yes, money is still cheap to borrow right now, and if you want to set yourself up for success when things blow up, now is the time at the last point in height of the market to c/o and wait. i have folks all over doing c/o's as fast as they can.
Post: What to do while waiting on NMLS license to arrive.
- Lender
- Posts 50
- Votes 33
Does she have sponsorship?
Post: Out of State Investing for Californians?
- Lender
- Posts 50
- Votes 33
A ton of my California clients are investing heavily into the Austin market, and largely into South Carolina. Happy to connect!