12/21/2022
General PSA this morning on options for home loan financing. Hit me up in the DM’s if you have questions on anything.
📑 If you have good credit and good income, you’re probably looking at conventional loan
📉If your credit is less than perfect, you can use an FHA loan, I’ve closed loans with sub 580 FICO’s.
🏬If you’re a business owner and your tax returns don’t show enough income, you can use a bank statement loan.
🪖 If you or your spouse served in the military, you might be eligible for VA loan, which are the BEST home loans
✅ If you want to buy an investment property, there’s no income documentation necessary on DSCR (Debt Service Coverage Ratio) or using market rent.
💰If your income just doesn’t qualify, you can use the no ratio loan with a 20% down payment or equity for refinance.
⛱️ If you want to buy a vacation home, you only need 10% down.
🏚️ If a Home need some work you can do a renovation loan, or a fix and flip
👴 If you’re 62 years or older, you can use a reverse loan and you don’t have any mortgage payments, just taxes/insurance.
🎁 If you’re buying a home from a family member, you can use a gift of equity for the down payment and closing costs
💰If you don’t have enough money for a down payment, there are down payment assistance programs.
🏞️ If you look for homes in more rural areas, you might have access to USDA loan, which doesn’t have any down payment requirements, 100% financing.
🏬 If your buying multi-unit properties, more than 4 units, you’ll use a commercial loan.
🏘️If your selling one investment, to buy two others and defer capital gains tax, you’d use a 1031 Exchange.
