NO INCOME NEEDED - Miracle Mortgage! | DSCR Loans Explained | Beginner Real Estate Investing

[@reedareeda3045]

You helped me get my first home last year. Now you just helped me find my route to my first income property!!

[@ShaheedahHill]

Awesome!

[@flashyttcarclub6299]

Can we see proof of that

[@gogurletc8170]

Heyyyy congrats

[@richhands5269]

My three favorite channels: Shaheedah Hill, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥

[@ShaheedahHill]

@richhands5269 Thank you for watching

[@missbttrsctch]

I've never heard of this - thank you Sha!!

[@canthide207]

Oh great. Another way to push potential homebuyers out of the housing market.

[@flashyttcarclub6299]

That's exactly what this program is

[@aliciaj1727]

Great info! Thanks for sharing.

[@ShaheedahHill]

@aliciaj1727 Thank you for watching

[@blessedbeauty5411]

I have been watching your videos for a while and I am excited to tell you that I finally got approved for a mortgage.One of the biggest issues with me was debt.I don't know why I took out so many credits cards but I paid them down .My debt was $1500 per month and I reduced to $876 and my income increased from 45k to a little bit over 60k .It was not easy and many times I felt hopeless but I God made away.Thank you for the knowledge that you continue to share! I have learned so much from you❤

[@ShaheedahHill]

You are doing the work! Congrats you will get where you want to be!

[@zionrose007]

Thank you Mrs. Hill this loan product can be very helpful for a multifamily purchase.

[@ShaheedahHill]

Yes it can!

[@alexpress5375]

Thank you this is great information!

[@ShaheedahHill]

@alexpress5375 Thank you for watching

[@charnamosely372]

Great info as usual

[@ShaheedahHill]

Thanks again!

[@consoledollz1688]

We already having a housing shortage, there should be more loans to incentivize homebuyers to stay in the home like NACA, etc.!

[@ShaheedahHill]

@consoledollz1688 Thank you for watching

[@dianajohnson3956]

Thanks Shaheedah nice information ❤🤗👏

[@ShaheedahHill]

My pleasure 😊

[@mikew2610]

Thanks for the info.

[@ShaheedahHill]

Any time!

[@chenellone]

This “sounds” good, but it seems like you need a lot of cash up front- which may not be ideal for some people. (Down payment, closing AND rental reserves…)

[@ShaheedahHill]

@chenellone Thank you for watching

[@shePowerhouse_Label]

I want to build my own home. Could you guide me in the right direction

[@JodyMay05]

Buy land . Find a builder

[@ShaheedahHill]

Here is a video about buying a house on your own land - kzbin.info/www/bejne/fKfVf2OEjK-cZ5I

[@boosted_dz188]

Do keep in mind that the “reserve” aspect of this video is important. If this is your first investment property and you are obtaining either a conventional loan or DSCR loan then you should have sufficient personal cash flow/income and/or reserves to cover the monthly payment + expenses. Anything could happen.

[@ShaheedahHill]

@boosted_dz188 Thank you for watching

[@vsinfinity8233]

Hi how can you take equity from your investment property to payoff your primary property debt when you have a foreclosure/bankruptcy on your credit report. My primary property was in foreclosure. I had to file bankruptcy because of it.

[@ShaheedahHill]

I am not sure if you can because you still have to qualify for the HELOC or Home Equity loan and with a foreclosure it would be difficult for you to qualify. @vsinfinity8233 Thank you for watching

[@Upscale_King]

High interest rates and prepayment penalties? Realistically how many people that can afford to put 20-30% down and afford to be a landlord would go this route?

[@ShaheedahHill]

A lot of people are sitting on cash but may not qualify based on their debt to income ratio. Thanks for watching, this type of loan is really popular with real estate investors right now.

[@Upscale_King]

@@ShaheedahHill They can use some of that cash to pay off their debt. If they are unemployed or don't have enough money coming in then they aren't ready to be landlords. What will they do if an expensive issue happens?

[@MissBellaMe]

​@@Upscale_King depending on what type of debt it is, it may not be worth it to pay it off. I'd rather acquire another property versus paying off student loans.

[@Upscale_King]

​@@MissBellaMe The average student loan debt is $500/month. If that puts your DTI ratio over 43-45%, then you have a lot of other debts too. IMO, a lot of people are going to end up overextended. If your debt is already that high and you're paying higher interest rates, what happens if/when property taxes go up, when insurance rates go up, when the market rate for rents goes DOWN?

[@charnamosely372]

Is this product for properties already generating income

[@ShaheedahHill]

No it could be vacant, the lender will determine the average rental rates in the area to see if the property qualifies.

[@Shanita162]

Hey, how can I get the 20% down for the DSCR Loan?

[@ShaheedahHill]

Ask a lender, most are offering this program Nia now.

[@mmal674]

Do you offer mentorship for new agents?

[@ShaheedahHill]

Only on how to use youtube to get leads. I am having a webninar on that topic on the 22nd, you can register here streamyard.com/watch/egF7wBbwDhaZ

[@Dumeme510]

Great information. One confusion i have with dscr loans is that sometimes NOI is mentioned. Sometimes it is not mentioned. Is NOI part of the calculation or is it not? Thank you.

[@naahearn]

Mortgage Broker here> On 1 - 4 unit properties, we calculate qualifying income on the average market rent. In some cases it can actually be less than the proposed mortgage payment. Typically, NOI will only apply on commercial properties 8+ units. Hope this helps.

[@Dumeme510]

@@naahearn thank you. That really explains it.

[@ShaheedahHill]

Thanks for sharing!

[@ShaheedahHill]

@Dumeme510 Thank you for watching

[@ccpp3413]

Can you get manufacture/ modular homes

[@ShaheedahHill]

Possibly, but I am not sure. @ccpp3413 Thank you for watching

[@chefbrooklyn5140]

Let's see, Beautiful,Smart,Great mom and Awesome Wife = @Shaheedah thank you for all you do also I like your decor and the you tube award just complaint the decor.Tell Mr.Hill I said hi

[@ShaheedahHill]

Thanks Chef

[@par379]

If you purchase with this loan does it count against your INCOME TO DEBT RATIO

[@ShaheedahHill]

Most lenders do not report DSCR loans to your personal credit, but they may if you default. Check with the lender to be sure and you may want to check with the lender to see if it makes sense to start an LLC

[@shazxm4]

Can I use this loan type to purchase under a LLC?

[@ShaheedahHill]

Yes.

[@starrahmac6132]

can i ask does this require you to live there/ owner occupant

[@ShaheedahHill]

This is for investment property only so no you do not have to live there.

[@ChanelBrooke1994]

My fico score is where it needs to be. Why can't I still get a loan? A loan officer told me i am still a high risk to lenders.

[@ShaheedahHill]

It is likely your Debt to income ratio. To get a mortgage you will need decent credit and a low debt to income ratio. Here is a video on if you can afford a house - kzbin.info/www/bejne/iWTKnXWrm5eZiNk

[@kirascullark5224]

Can you use this loan to get a duplex and live on one side and rent out the other side?

[@JodyMay05]

Good question, I would like to know as well

[@ShaheedahHill]

You can use it to buy a duplex but you are not supposed to occupy, but please ask your lender to be sure.

[@flashyttcarclub6299]

Wait it went from no income to 20% down and you cant live in the house 🤔

[@ShaheedahHill]

You can have money saved, but no income, or not enough income coming in yearly to qualify traditionally for an investment property.

[@ShaheedahHill]

A down payment and income are different. Thank you for allowing me to clarify, good point

[@annalubk7411]

Shaheedah, thank you tremendously for all of your videos and dedicated work! Few questions, what do they usually charge for prepayment penalties, for example on a property like a condo or a townhouse for approximately 250k, or is it going to be all individual with different lenders? And are those prepayment penalties cancelled after 5 years now, not after 3 years like it used to be? Also, is it possible to refinance DSCR loan to a different type of loan eventually? And since you'd have to pay at least 20% downpayment, does it automatically cancel the mortgage insurance? I'm seriously considering this type of loan for my first rental property, but wanted to clarify those details first. Thank you very much in advance Shaheedah! 🙏

[@ShaheedahHill]

Yes, you can refinance later into a conventional loan, pre-payment penalties are usually between 1-5% of loan amount, I have heard from most lender that the pre-payment penalty for 5 years, but it could vary. You should not have mortgage insurance, but reach out to at least 2 lenders and see what could work best for you.

[@favored4life]

Can you refinance out of this type of loan later?

[@annalubk7411]

following

[@ShaheedahHill]

Yes you can😊

[@andyteri777]

How do i save up to 32k in 15 months

[@ShaheedahHill]

Please watch my budgeting video

[@Iamkaden]

Is it possible to get down payment assistance for a DSCR loan?

[@ShaheedahHill]

No, not typically.