All Forum Posts by: William Arnold
William Arnold has started 1 posts and replied 3 times.
Post: Investment loan with no income verification
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Hello, I am new to the site. I am looking to purchase my first investment property.
A little background. I started an Insurance Agency in January and became a Realtor in March, so conventional funding is out. I have taken on quite a bit of debt so my credit score is around 630-640ish. I have funds to pay some of it off if needed to raise my score above 660. I also have about $40k in cash that I can put towards a purchase. I was hoping for 85% LTV or less.
I was researching DSCR loans, hard money, Fannie Mae, Freddie Mac, and SBA who all seem to allow some forms of investment property loans. However, I can't seem to find guidelines on what program would be best for my situation.
I am open to single-family, duplex, or condos for my investment. I would prefer Airbnb but an annual rental is fine. Is there any hope that I can get a loan?
Post: Certainty of DSCR lending?
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Quote from @Nick Velez:
Hey William, this is a lender we broker loans too. This product is no longer available from them with the most recent tightening in the Non-Qm market. They were one of my last lenders to offer 15% down.
Post: Certainty of DSCR lending?
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Quote from @Nick Velez:
DSCR loans are fairly easy to get as long as you have good credit and the property fits within the guidelines that the lender sets. Most lenders want to see that the rent that the appraiser says is the market rent, is enough to cover the PITI. It is still possible to secure a DSCR loan when the market rent is lower than the PITI, but you get some less favorable terms. If the property is indeed rural, it will be more difficult to get a DSCR loan but not impossible. A lender that we use, will lend on a property that the appraiser deems rural, but only up to 70% LTV where as with a purchase in town, you can go up to 85% LTV. Hope this was helpful and good luck!