I’m looking for a loan officer who can do business in Maryland. My primary interest is in rentals, but I’m not looking at properties that will cost more than 100k to acquire, or 150k to acquire and fix up. My credit is ok, I think. The last time I pulled it was in the beginning of September and the FICO scores were 680,656,and 634. However, I know the scores that lenders see are different. I don’t have that much revolving debt–only 4k or so and that will be paid down significantly in the next 2 weeks. If there’s anyone that can help me or who can make a referral to an investor friendly loan officer I would really appreciate it. If there’s any info that I might be leaving out, let me know and I’ll post it.
Thanks for the responses. Brad I sent you an email.
I have another question. I don’t think going documented is gonna work for me. I’m a full-time graduate student and I work part-time. I’ve been at my current place of employment for 3 years (as of Jan. 06). I just took a part-time postion this year to finish grad school, and I’ll graduate this coming Dec. What are my chances of getting 100% financing with stated income. My last 2 W-2’s were normal salary.
Congrats and Best wishes on your investment career. Looking for an investment loan officer is a great start. Read my post under this link below. It will help give you an idea of what you should be looking for.
Your scores are not bad but a good loan officer can show you how to get these increased. It will be important that you have the highest scores possible when looking to do 100% financing now and in the future.
Your time on the job will sufficient. Although stated income may not be an option. Many loan officers will tell you that “stated” income is simply just that. Just state what it takes to make the debt to income ratios work. Not the case - and that can really land a client and the loan officer in some hot water. Loan officers are not supposed to coach a client on what to put on the loan application. With self employed borrowers it is normal that they will have many write offs on their tax returns. For this reason lenders opened up guidelines to allow them reduced documenation options. For w2 employees who’s income is what it is…stating any higher is fraud!
My recommendation would be to do a no ratio loan. The lender will allow the loan officer to leave the income amount completely blank. Thus…no ratios need to be calculated.
The amount of money you have in the bank or retirement account is also very important to the process. You had not mentioned how much is available.
There are many options and strategies available to you to acquire investment properties.
Thanks for the info Ben. I have about 15k in a 401k currently. When I change jobs in January I’ll be rolling that over into a self-directed IRA, per some good advice I received on the boards. I’ll ask any of the loan officers I talk to about a no ratio loan. As usual the advice here is always good.
I’d thought about using a HML at first, but if I can save myself the money I’d like to. Because my goal isn’t an immediate flip, I’d like to look at traditional lenders first. I want this property as a rental for at least 3-5 years.
And Walt, thanks for the referral. I’ll give them a call too.
Use your distressed sellers home equity as a source of down payment with an 80% LTV/CLTV purchase… Learn from an licensed professional mortgage broker.
Getting an investor is also an advisable way that help you finance venture capital to start up a business. And I guess investors will also help you how to have good business cash flow.
All of these threads that you are dragging up are YEARS old…this one is nearly seven years old. Most of the people that you are speaking to are no longer around…
It’s fine with me, but I wouldn’t expect a response from most of them!