It has never been easier to get an investment property loan. With so many programs available today!

I told you last time I told you one off and kind of a bring in a whistle goodness master what I was busy with the fade the status was very was very good yes yes very good feedback people still ask me who is that guy that gives 5% rate right >> mortgage yeah and I got calls one guy from England called me three people from New York called me all of the good from new york property >> yeah yeah bunch of people called 100% that's all good at anyways you can still get for first time home buyer 5% rate >> 5.1 now 5.1 this is honest right I should this is the matter of rate here it's 6 and a half seven >> and a half so almost seven it went up a lot the past week this is still no cuz inflation inflation numbers went up so really the economy is so good nice anyways this time we're going to talk about investment properties to stop get the get the get the programs people don't know but with my cost but something state program yes the rent covers the mortgage and that's the easiest >> right the one of the most famous ones is DSCR program which is debt service coverage ratio where as long as the rent covers the mortgage is very simple as long as your rent covers the mortgage you don't have to show anything you don't have to show tax returns W-2s pay stubs nothing we we we look at the appraisal the appraisal market says that this is the rent $3,000 as long as your mortgage is under $3,000 you can get a mortgage and it's a it's a very popular program I use it for a lot of things and it goes within two weeks you can you can get a loan >> Yeah, have to have a 660 credit score or higher in order to do it. And the rates are very good. If you even do like a 3-year prepayment penalty, you can get even lower rates than the full doc loans. What's my downside of 3-year prepayment? >> So, if you sell the house or refinance within the first 3 years, there's a penalty. Why should you? What? Why should you Oh, some people just buy to flip, so for them it's not worth it. Got it. Okay, that's one program. What's the other one? Another program we have is the bank statement program where um let's say the rent doesn't cover the mortgage or if you even a primary house um you could show 12 months of bank statements and we look at your deposits and we say, "Okay, you're making income deposits. We don't care about your withdrawals." Let's say a person makes $250,000 in deposits. Right. So, we look at we look at those deposits and we say that's your income. Half of it is your income or 80% we can use 80% of that deposits and say that's your income. >> is approximately $200,000? Yeah, perfect. And and we could we could we could get you approved like that. Together with the let's say if he even if he has other rental incomes, as long as he shows the leases from the other rental incomes >> Oh, part of the $250,000, let's say. >> We could combine it, right? So, what is that easier than a regular loan? You don't have to bring any >> have to A guy has a lot of losses on his tax return, especially self-employed borrowers. You have a I had a borrower that had 100 tax returns with K-1s and there were a lot of losses in it. Well, like that, he just has to show from one of his businesses bank statements and boom, he gets it. I just closed with someone now in Florida. Um he just showed his bank statements and he he bought himself a second home in Florida like that. Wow. It was very very quick. What's my customer going to have programs? >> We have another program called a profit and loss statement where you could show as long as you have profit and loss um you get it signed off by your CPA and we look at that as income and you could get approved like that. You could use that for primary or for investment property. So, this program these programs are basically to make it the easiest possible. They don't have to It also probably goes much quicker, right? There's no >> Much quicker, yes. Yes. Right. Right. If someone's in a rush to close or a lot of times people get cash offers, we could do this one, two, three and and and they could do a cash offer on a contract. >> What's the quickest you ever closed on such a deal? I've done one in one week. Really? Yeah, from beginning to end. Yeah? Yeah. Yeah, sure. Sure. We Okay, we obviously have to do a rush appraisal, but we we could do it very quickly. How long do you think it will take us? See and I think No, New York, New Jersey, Florida, Pittsburgh, anywhere, anywhere you go. Pennsylvania, Connecticut. Wherever we We license in the 50 states of of America. What's your phone number? 732-600-1696 Call, text, WhatsApp? >> Um anyway, anyway I always answer. I'm very on top of it. And my email's [email protected]. Great. Thank you so much. My pleasure. Next week we're going to do it often? Yes, sure. Great. Let us know next week tomorrow. Yeah, for sure. For sure. For sure. By June 1st, hopefully. Okay. Enjoy. Thank you.