All Forum Posts by: Jerry Padilla

A conventional mortgage doesn't allow for borrowed money unless it comes from a HELOC or 401k.

A DSCR program will allow for gift funds for an investment property. They will have a minimum credit score of 660 or higher.

Welcome to BP

Welcome to BP!

@Brian Rodriguez

Here are the guidelines for Freddie Mac in this scenario.  The lender's legal team, underwriting, appraiser, and title company would have to agree with the terms below. 

Any exception not set forth above in Sections 4702.4(a) through 4702.4(l) is acceptable only if all of the following conditions are met:

1. 1. The subject of the exception must not interfere with the use and enjoyment of any                  present or proposed improvements on the Mortgaged Premises or with the use and                  enjoyment of the balance of the Mortgaged Premises not occupied by improvements
2. 2. The subject of the exception must not affect the marketability of the Mortgaged Premises
3. 3. The subject of the exception must have no or minimal effect on the value of the                      Mortgaged Premises
4. 4. The subject of the exception must be acceptable to the MI if the Mortgage is insured
5. 5. The subject of the exception must be commonly acceptable to private institutional                  Mortgage investors in the area where the Mortgaged Premises is located

The Seller shall warrant that all exceptions to the title insurance policy or to the attorney's opinion of title are permissible under this section. Freddie Mac will not issue any letters addressing the acceptability of particular exceptions nor waivers of the above requirements.

https://guide.freddiemac.com/app/guide/section/4702.4#:~:tex....

I do have some options for HELOC on 2 unit property. I sent you a DM.

I sent you a DM as I have a couple of options for you. 

Hi Justin, 

Welcome to BP; this is where you soak up all the information needed to start your portfolio.   If you have any questions about financing feel free to contact me. 

Hi Caroline, 

This is a great way to start your investment portfolio with a VA loan, especially for 2-4 unit property. I have many veterans who use their VA loans to start and continue to build their investment portfolios. If you find a property that needs substantial rehab, you can do a renovation with a VA loan to cover the costs as part of the purchase.

Welcome to the BP.  This is a great place to gain knowledge. 

@Alex Clark 

James Wise will be your guy for this area; looks like he already provided a guidebook for Cleveland.