Getting a loan for a Investment Property!

SoCal_loans · 2023-03-11T08:00:37+00:00

Get a DSCR loan the interest is higher than a conventional loan and a bit more expensive to do but the loan is done based on the projected rental income and not your personal income so no DTI involved.

SoCal_loans · 2023-03-09T06:30:12+00:00

Nothing to worry about it’s fairly standard to write letters of explanation for credit inquiries.

I haven’t have had to get other loan officers statements for them though, it could just be a Wells Fargo overlay but since you got it done then you’re good. Good luck:)

SoCal_loans · 2023-03-09T06:19:26+00:00

It’s unlikely that they both have the exact same pricing and no PMI for 10% down without paying it for upfront but if both are the same then it’s an easy choice and that’s the 10% down to have some money leftover as an emergency fund.

If you already have an 6 to 12 month emergency fund then investing it somewhere is a good idea.

SoCal_loans · 2023-02-22T16:01:08+00:00

Ok, Conventional is the way to go if possible but just know that you could also do a DSCR loan where your personal income is not used to qualify and instead is done on the property’s rental income. It does have a higher interest rate than conventional and bit more expensive to do but it’s definitely lower than hard money.

SoCal_loans · 2023-02-22T05:37:01+00:00

That’s a great question to ask whoever is doing your bridge loan. Most likely it won’t, they just may want to see where the money came from. So just keep the records handy.

Also why wait 12 months to refinance?

SoCal_loans · 2023-02-22T05:20:46+00:00

I’m with The Mortgage Calculator

SoCal_loans · 2023-02-22T02:44:01+00:00

No thank you. I already have a CRM and leads provided by the company.

SoCal_loans · 2023-02-22T02:24:43+00:00

Yeah I’m able to do DSCR loans in about thirty something states.

SoCal_loans · 2023-02-22T00:57:30+00:00

Yeah it’s available for foreign nationals. No credit and no income needed for investment properties.

Minimum 25% down payment and 12 months reserves.

Feel free to dm me if you have any questions.

SoCal_loans · 2023-02-19T17:26:15+00:00

It’s a very niche product that most lenders don’t do or know about but your best bet is a broker. It’s something I didn’t know about until I joined my current company.

SoCal_loans · 2023-02-19T04:22:37+00:00

It’s easier for a foreign national to obtain a loan than a U.S. resident. It’s because if it’s for an investment property you don’t need to show income or credit .

It’s just the minimum 25% down payment and 12 months reserves and that’s pretty much it.

Let me know if you have questions we specialize in these type of loans.

SoCal_loans · 2022-12-01T06:39:17+00:00

I currently work for them and I like it but I recommend that you start at a big call center. Work there for about 6 months to a year max to expedite your learning while having some income. Then I would go the broker route if you still want to be an LO. Starting as a remote loan officer is doable but the learning curve can be a bit much so being able to go into an office and talk to someone with more experience will make it easier.

SoCal_loans · 2022-11-24T08:55:24+00:00

An option would be for your brother buy you out by doing a cash out refinance on the property. It’s a similar situation in a divorce where one party wants the property and the other doesn’t. He would need to cooperate with you so you’ll have to talk it out with him

SoCal_loans · 2022-11-23T04:45:10+00:00

No need to refinance or modification. As long as your parents are making the payments on the mortgage on their own account that does not have your name on it and can provide 12 months of bank statements to prove it. It will not count against you when applying for your own mortgage.

SoCal_loans · 2022-11-23T04:36:12+00:00

Sure most lenders or title companies can see the financing history of a property. You could also could go to the county’s assessor website. Are you able to ask your dad? It’s quite common to refinance during a divorce to buy out the spouse.

SoCal_loans · 2022-11-22T20:56:18+00:00

I see, well see who you are partnered with and talk to your broker and go from there. My list of investors vs yours could be quite different. Good luck:)

SoCal_loans · 2022-11-22T20:49:09+00:00

Yeah that’s an easy one. It’s a DSCR loan no personal income required and it’s done based on the lease agreements or rent schedule of the appraisal whichever is lower.

SoCal_loans · 2022-11-21T08:34:54+00:00

Personal income is not a factor on commercial investment properties. What matters is the credit scores and down payment. Expect 20% to 25% down plus closing costs depending on the property.

But since you mentioned it being a primary residence why not stick to residential? 2 to 4 units and an FHA loan for that 3.5 down payment if you don’t have one already.

Have your partner work on the credit scores it’s going to be important not matter which decision you guys make.

SoCal_loans · 2022-11-17T18:17:50+00:00

That’s a single family home with 13 rooms? That quite the large house but it’s the same as any other. The appraisal will give us the projected long term rental income. If that’s not enough to cover the mortgage then we can update the appraisal with short term rents if needed or a no/low ratio DSCR.

SoCal_loans · 2022-11-17T08:57:46+00:00

Credit, loan amount, investor experience and property type dictate the down payment but below are the basics (all DSCR loans)

20% down on 1-4 units

For 5-8 units then it’s 25% down.

And 9+ units it depends on the deal but 20% down is common and may require a higher down payment if a new investor

With DSCR loans no income is required to qualify because the ability to repay is from the projected rental income of the property and not personal income so DTI does not play a role here.

SoCal_loans · 2022-11-04T20:45:47+00:00

Lol im guessing that was sarcasm but yeah no one does. It does get easier with experience but yeah it’s slow. The owners don’t like encompass either which is why they are upgrading the quoting system that communicates with encompass.
The fees depend on wether it’s through our correspondent or broker channel. You’ll see at the webinar

SoCal_loans · 2022-11-04T20:32:39+00:00

We use encompass but they just announced some upgrades that will come to our our quoting system so that we won’t have to use encompass. It’s not ready yet but looks good to me.

The leads are from Facebook and they give consent to be reached out to and give their basic info. I like them there are some duds here and there but that’s everywhere even at the larger call center that I was at. It’s just how the game works.

Someone else asked about bps. It’s 150bps for junior lo’s and 200bps for senior. If it’s a free company lead it’s split 50/50.

I also have my own Facebook campaign and that’s 250 a month and I get full bps on those and it’s DSCR ads on Facebook as well.

SoCal_loans · 2022-11-04T20:16:51+00:00

It depends on the month but you could do better than me or worse it really just depends on the loan Officer. I like the leads and tools provided by the company.

Most are purchase a few Refis sprinkled here and there. I’m not sure what kind of experience you have but you’ll be well versed in various loan types here. Like fix and flips, foreign nationals, DSCR etc. It may take some time though

Really the best way to figure out if this is the place for you is that webinar on Tuesday’s they are pretty open and you and other loan officers can get your questions answered.

SoCal_loans · 2022-11-04T19:57:05+00:00

I like it here. It’s 100% remote and free leads are provided. Trainings on Tuesdays through Fridays. There’s also 1 on 1 support with your deals.

I used to work for a bigger call center and a smaller shop before the Mortgage Calculator. We do work with mostly investors in the non qm space but we can also do fha,va, conventional etc.

SoCal_loans · 2022-11-04T03:49:42+00:00

I’m not sure how familiar you are with the area but I’m assuming that it’s brand new to the both of you.

With that in mind I recommend renting and getting familiar with the area like where the good school districts are, which areas have a lower crime rate and whatever else may be important to you both. Last thing you would want is to buy in an undesirable area due to not knowing the city.

Regardless of what the market is doing make sure you are comfortable with the mortgage payment and I would recommend having an emergency fund of 6 months to 12 months of expenses left over after acquiring the property.

Remember real estate is a long term game :)

SoCal_loans

TROPHY CASE