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

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 jeffreyt@barrettfinancial.com 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!

Yes. If the property isn't currently a rental, we'd use the potential rental income as determined by a rental survey during the appraisal process.

I've still got solutions for you. 😊

You're welcome.

Thanks Dan!

On an 80 unit? I have no idea. On residential 1-4 units, probably ~$1000, although that varies by location.

@JefftheMortgagePro first of all thank you for being you Jeff . Right now I'm looking at 5 rental units that are 46 to 101 units based on that number I would imagine I might need to put aside 25k just in case I need it if not that's beautiful to I have to strategically plot and plan how to underwrite a creative finance deal that works out for all parties involved 🙏 thanks again for your response Jeff

@@goldenarcher8505 apartment building's involve a lot more than just the debt service coverage ratio. I'm a little out of my league on this one. Lol!

Thank you. :)

you're welcome

You can do a fix-n-flip loan then refinance into a dscr. Most other renovation loans are for owner occupied, where as dscr us not.

For reserves? Money in your 401k would be an example.

​@@JefftheMortgageProquestion, I thought retirement account funds were considered illiquid and therefore wouldn't qualify as reserves. Is that not the case?