You bet

Not too bad. Depends on a lot of factors, but I've seen low 7s

Ok I just got one at 8.3 looking for better options moving forward credit score over 720​@@JefftheMortgagePro

You're welcome!

Income of the property, not personal income. Sorry for the confusion.

⁠@@JefftheMortgageProok so what does that mean? Income of the property? How do you have income of a property that don’t belong to you?

⁠​⁠@@JefftheMortgageProI just looked into what “income of the property” means. So you’re saying, to qualify for the loan, you must (own a property that can be rented) which is what income of the property is, and have more income coming in from that property than going out to be qualified? Correct?

And still say under the same breath you don’t need a job to get the loan😂😂😂😂 but you need income

@@JefftheMortgageProthis has to be for property owners and retirees or something because I don’t understand.

Yes you bet!

I believe so. Definitely check with your loan servicer though.

Lets jump on a call: calendly.com/jeff-trevarthen/15-min-call

@@JefftheMortgagePro can i. Do this around 6 ?

Yeah it's probably a wash. With a 401k loan, you're borrowing against your own savings. Might be easier to just save the money separately and earn interest on it as opposed to taking a loan. Great question!

If you currently own the property, yes it does. If not, it would be based on the market rent from a rental survey.

@@JefftheMortgagePro I need help I own my first rental with about $450 cash flow monthly coming from Section 8

You're so welcome!

You're welcome! Yes you might be able to use a bridge loan in this case. How far away is the new build from your current primary?

@@JefftheMortgagePro Thanks! Same city, Tucson. We are just downsizing and unfortunately, this was already in progress when he got laid off. I freelance so my income doesn't "technically" count. Boo.

No that doesn't sound correct. That should only apply for VA to VA. Happy to jumpnon a call if you'd like?

Hard to say, there's so may niches. I like Emporium, RCN Capital, NewFi, and Visio.

Yes, but I have to find it. 😆 🤣 😂

@@JefftheMortgagePro I understand completely! I tried making my own, I cant get it right. I've been watching a lot of your videos, this one popped up and i love its simplicity!

@@KGM2408 send me an email at [email protected] and I'll see if I can email it to you.

For owner occupied or investment?

@@JefftheMortgagePro for OO

Which lender would you recommend for a VA loan for an owner occupied construction loan, preferably with a OTC?

@Mrs.Smith22 I'm not sure. I've not done a VA construction loan. 😬

Credit is still checked, sometimes just a soft pull depending the lender. Closing in LLC doesn't usually report to credit bureaus.

Thanks

There's not many. Ameritrust, Acra, Oaktree

So I own two of them but need to refinance after putting cash in. I’ll check into the companies you mentioned.

Correct. You have to live there for a VA loan. 😀

Yes they do. Usually 680 plus FICO and max 50% DTI. I might be able to help. Let's schedule a call.

@@JefftheMortgagePro Done!

Yes I do loans in all states and have some Realtor connections for you. California is really tough market. And you can definitely buy without ever seeing the property.

Yes with refinance, usually closing costs are taken out of the loan proceeds on a cash out. The only cost prior to closing would be the appraisal fee.

@ awesome thank you!

Yes you have options. There are some lenders that allow 0.8 dscr and even some that are no ratio. 👍

@JefftheMortgagePro Thanks for the quick response! I'm definitely feeling better going forward!

There's probably close to 100. Too many to list.

Yes correct!

@ why did you say “pay reserves”. That threw me off lol

@@andres_does_rentals you don't have to pay anything with reserves. It's just a risk calculation for.lendsrs to see if you have the capacity to pay the mortgage should your property be vacant.

@ are you available today for a call?

Yes absolutely! It happens all the time. 😀

Great question...I've not seen that a DSCR loan is available for a co-op. :(

Thanks...you too!

Great questions. I'm not sure how your not going to have PMI on the 5% down, unless it lender paid in which case it would be built into the rate (so higher rate). I've used this exact strategy a few times and it really depends on market conditions. Sometimes the rate at 15% down is slightly better than the rate at 20% down. Sometimes it's not. If if is, you could use the strategy to do the 15% down first and then a month or two later, recase the remaining 5% to eliminate the mortgage insurance.

@ this is very helpful thank you. I need to find out more on layout of ‘No PMI with 5% down only’ - this was advertised so I wanted to strategize before going to the lender. Is the strategy something that I can be transparent with my lender on? So I can get the best rate for me or will they use this information against me if I communicate my strategy to them?

@@VeleFX I'm not sure how they will react. They should be looking out for your best interest, but you never know.

Thanks you too!

Good question? I would assume they have the same or similar effect. Most likely a personal preference. 😊

I can help for sure!

@@smelleo good question! We should jump on a call and run the numbers.

Depends on your financial situation, but you can start right away!