Mortgage questions, answered plainly

For a DSCR investment loan in New York, a condo is the path. Why I don't finance co-ops, and what to check before you bid on a NYC rental unit.

Travis Penny arranges DSCR loans on investment and rental properties in Tennessee, where the loan qualifies mainly on the property's rent instead of your tax returns. If the rent covers the monthly payment, taxes, insurance and any HOA, you have a real file. DSCR loans are for investment or rental property only, never a home you live in.

Travis Penny helps eligible veterans and service members in Maine build a new home with a VA one-time close construction loan. You close once before the build starts, the builder is paid in draws as the house goes up, and the loan rolls into your permanent VA mortgage when it's done. No second closing. The home has to be your primary residence.

Owners with 10 or fewer units in New York State are generally exempt from Good Cause Eviction. Other exemptions and the LLC rule investors need to know.

On a 2 to 4 family NYC rental, the recording tax and city transfer tax are the big two, and a fourth unit changes both brackets and the mansion tax.

Travis Penny helps self-employed buyers get home loans in Maine, whether you file a Schedule C, own an S-corp, or work for yourself seasonally. As a general Fannie Mae and Freddie Mac guideline, most standard loans want two years of self-employment and use the income on your tax returns after write-offs. If your returns show too little, bank statement and other alternative documentation loans can work. Not everyone will qualify.

The real requirements on a Florida DSCR loan: rent coverage, insurance, condo and rental rules, credit, reserves, down payment and closing in an LLC.

Yes. A DSCR loan almost always needs a full appraisal with a market rent schedule, and that report can decide both your loan amount and your DSCR ratio.

A no seasoning cash out refinance lets you refinance a rehabbed rental into a DSCR loan as soon as the work is done, instead of waiting 6 to 12 months. It works on a vacant property using a 1007 rent appraisal. Investment property only.

Occupancy, insurance, camps, and condo quirks for Bar Harbor and Southwest Harbor second home loans.

A blanket loan can put multiple rentals under one loan, in some programs up to about 10 properties, so you close once. Not everyone will qualify.

Some DSCR programs accept first time investors without landlord experience or a real estate license. Others want a track record. Not everyone will qualify.

A fix and hold or BRRRR loan funds the buy and rehab of a rental you plan to keep, then many investors refinance into a DSCR loan. Not everyone will qualify.

A closed end second is a fixed second loan behind your first. I arrange these in Maine and Florida and as DSCR seconds on rentals. Not everyone will qualify.

A fix and flip loan is a short term business purpose loan that funds the purchase and rehab of a property you plan to sell. I arrange these for investors. Not everyone will qualify.

ITIN borrowers can use DSCR programs on investment rentals in 38 states. Primary and second home ITIN loans are Maine and Florida only. Not everyone will qualify.

A P&L only HELOC lets self employed homeowners tap equity using a profit and loss statement instead of tax returns in Maine and Florida. Not everyone will qualify.

DSCR style loans on about 5 to 10 unit small multifamily rentals, usually on long term leases. These are specialty investor programs, not agency loans. Not everyone will qualify.

A non warrantable condo can still get a mortgage, just not from a lender that follows Fannie Mae and Freddie Mac condo rules. I finance them for investors with DSCR loans in 38 states, and for primary and second homes in Maine and Florida. Not everyone will qualify.

An asset depletion mortgage turns your eligible savings, investment and retirement balances into qualifying income, so you can buy without a regular paycheck. I do these in Maine and Florida for primary homes, second homes and investment property. Not everyone will qualify.

A ground up construction loan pays to build a new home or rental from the dirt up for an investor or builder who plans to sell or rent it. I do these as business purpose investor loans, not for a home you'll live in. Not everyone will qualify.

In Florida I can do FHA loans for self employed buyers using a profit and loss statement, and FHA loans for some ITIN borrowers. Most lenders don't offer either, and these are Florida only. Not everyone will qualify.

A foreign national DSCR loan lets someone living outside the US buy or refinance a US rental based on the rent it brings in. I do these for investment property in 38 states. Not everyone will qualify.

A no ratio DSCR loan lets you buy or refinance a rental without putting personal income or a job on the application, and in some cases without the rent having to cover the payment. I do these for investment property in 38 states. Not everyone will qualify.

A self employed HELOC lets you tap your home equity with bank statements or a profit and loss statement instead of tax returns. I do these for primary and second homes in Maine and Florida, and investors can use my DSCR HELOC. Not everyone will qualify.

I can qualify 5 to 9 unit investment properties on short term rental income, with rental history or a purchase projection report.

I explain how I qualify an Airbnb investment property using rental history or an AirDNA Rentalizer report.

Before you offer on a home on leased land in Maine or Florida, check six things: the type of home, the time left on the lease, the ground rent and how it rises, whether the lease can be transferred and mortgaged, the foundation and title, and whether a lender has reviewed it. Here's how to check each one.

A home equity loan gives you one lump sum at closing, and a HELOC is a line you draw from. Both are second mortgages that leave your first mortgage alone. If you know the number, a home equity loan is usually simpler, and if costs come in stages, a line can fit better. I arrange both on Maine and Florida primary and second homes.

Yes, a HELOC can affect your credit score, usually in small ways you can plan for. Applying brings a hard inquiry, the line shows up as a new account, and the balance you carry can count toward your credit utilization. Paying on time is what helps most. On a Maine or Florida primary or second home, the HELOC I arrange is reviewed with your credit in mind from the start, whether it's my Florida HELOC or one of my Maine HELOC options.

Yes, you can refinance a HELOC. For homeowners in Maine and Florida, the two usual paths are a new HELOC that pays off the old line, or a refinance of your first mortgage that folds the line into one loan. I arrange HELOCs on primary and second homes in both states, through my Florida HELOC and my Maine HELOC options. Which path fits depends on your first mortgage, your plans and the home itself.

Usually yes, in some form. A HELOC needs a value on your home, because the line is sized by your first mortgage plus the new line compared with that value. The kind of valuation depends on the program, the line and the home. It can be a full interior appraisal, or on some smaller lines an automated valuation plus a property inspection. On a Maine or Florida primary or second home, the HELOC I arrange starts with that value, whether it's my Florida HELOC or one of my Maine HELOC options.

One of the wholesale lenders I work with just dropped its own minimum credit score on many conventional, FHA, VA and USDA loans. If the loan gets an approval from automated underwriting, your score by itself may no longer be what stops you. Credit still matters, some loans still have score minimums, and approval isn't guaranteed. Residential home loans in Maine and Florida.

A no doc HELOC means no income documents, not no documents. The version I arrange is a DSCR HELOC on investment and rental properties. It skips pay stubs, W-2s, tax returns and bank statements and qualifies on the rent instead. You still provide a signed lease, a property valuation, your credit and, if the rental is in an LLC, the entity documents.

Yes. I can review a VA loan for a foreclosure in Maine or Florida if the home meets VA property requirements or the required repairs are resolved under the applicable rules. An as-is listing does not waive the appraisal or property review.

Yes. I review USDA streamlined, non-streamlined and streamlined-assist refinance options for an existing eligible USDA loan. Your loan history, household income, occupancy and the selected program determine which path fits. I arrange residential loans in Maine and Florida.

Yes. I arrange USDA one time close construction loans for eligible primary homes in Maine after reviewing the exact address, household income, land, builder and plans. Septic permits, well testing, access and seasonal site work belong in the project review.

A seller-paid temporary buydown such as a 2-1 lowers your payment for the first year or two, then the full note rate applies. A permanent buydown uses discount points to lower the rate for the life of the loan. Either way, you qualify at the note rate, and the seller's credit must fit your program's concession cap.

Two conventional loans let first-time buyers put as low as 3% down with no income limit: Fannie Mae's standard 97% loan and Freddie Mac's HomeOne. HomeReady and Home Possible also allow 3% down, but they cap income at 80% of area median income. At least one borrower must be a first-time buyer for the first two.

When a bank turns down a Florida condo, the reason is often the building, not you. Projects that miss Fannie Mae or Freddie Mac rules, because of HOA litigation, thin reserves, critical repairs, heavy investor ownership, or too much commercial space, are called non-warrantable. Other loan options can exist, so first find out which rule the building missed.

A Maine to Florida mortgage checklist covers seven stages: preparing to list the Maine house, gathering documents, insuring the Florida home before you offer, checking a condo building, covering the gap if you buy first, deciding whether to rent the Maine house, and handling Florida closing taxes, homestead, and residency after the move.

DSCR loan requirements vary by lender because these are non QM loans. Most lenders look at whether the rent covers the full monthly payment, plus your credit, down payment, cash reserves, the property type, and an appraisal with a rent estimate. The property must be a true investment that you will not live in.

No Maryland broker or loan officer license is needed to arrange a true investment loan, and the borrower can close without an LLC. State mortgage law reaches homes the owner lives in. Living in one unit of a 2 to 4 unit building makes it a home loan, so home loan rules apply.

For a Virginia DSCR loan I arrange, the borrower needs to close in an LLC. Virginia's licensing law covers loans to individuals on 1 to 4 unit homes, and its rules treat buying a home to rent out as personal use. A loan made to an LLC falls outside that law.

Massachusetts does not require a mortgage broker or loan officer license for an investment loan, and the borrower does not have to be an LLC. State law covers loans on homes the borrower lives in. If you live in, or plan to move into, one unit of a 2 to 4 unit property, regular home loan rules apply.

Yes. I can review an FHA loan for an older Portland home if the property meets FHA standards and you qualify. I check appraisal requirements, needed repairs and your intended occupancy before you rely on a financing plan.

How much house you can afford with a physician loan in Maine or Florida depends on income, how student loans are counted, credit, down payment, and the full housing payment after taxes and insurance.

A hypothetical DSCR loan example. See how a Maine investor could buy a Jacksonville duplex in an LLC by qualifying on rent instead of personal income.

A hybrid appraisal splits the property visit and the valuation. Learn when one may be offered for a conventional loan in Maine or Florida.

I compare asset depletion with traditional mortgage documentation so clients can see what each path requires.

The advantages and limits of qualifying a Texas rental using documented property income.

General education on how a mortgage's occupancy terms and local short term rental rules interact if you want to Airbnb your home.

A national look at the advantages and tradeoffs of a DSCR loan, with links to Florida and Texas specific detail.

How a DSCR loan and a conventional investment property loan compare, and how to decide which fits your rental purchase.

No. I arrange VA and FHA loans for a home you occupy as your primary residence, not a straight investment purchase. An eligible two to four unit property may fit if you live in one unit. I review occupancy before recommending a program.

A practical look at rental coverage, insurance, and documentation for Florida investors.

How a DSCR HELOC and a DSCR second mortgage differ, and when each one fits a rental property.

How physician loans in Maine and Florida compare with conventional financing when mortgage insurance, student loans, and employment contracts matter.

There is no single number. Many DSCR programs don't cap how many financed properties you can have the way conventional loans do, because each loan qualifies on that rental's own income. What limits you is each lender's own rules, the cash reserves it wants for your other financed properties, and whether each rental covers its own payment.

When refinancing in Maine makes sense, changing loan terms or taking cash out, closing costs, documents, and timing.

I use USDA loan reviews to assess communication and follow through, not to decide whether you qualify. I check the property address, household income and program documentation separately. I arrange primary home loans in Maine and Florida.

I review your credit, income, debts, land, builder and plans for a one time close construction loan in Maine. You need an eligible property and an approved builder, and you cannot act as your own builder in the programs I arrange.

A mortgage broker in Maine gets paid through the loan, not by a hidden bill you pay on top. The fee is paid by the lender or built into the loan terms, and it shows up in writing on your Loan Estimate. You see the cost before you commit. Nothing is a surprise.

I arrange VA loans in Portland and throughout Maine as a mortgage broker. I review your Certificate of Eligibility, finances and intended primary home, then compare available VA programs against the actual file.

A one time close construction loan combines the build and permanent mortgage in one closing. I review title, appraisal, recording, construction and program costs against your actual project rather than promise that one structure is always cheaper.

The best DSCR loan is not one product. It is the loan whose ratio requirement, term, prepayment penalty, and price match your specific rental. For most investors that means supported rental coverage, a term you can hold, and a broker who shops many DSCR lenders instead of pushing one menu.

A DSCR loan for beginners is an investment property mortgage that qualifies you on the property's rent instead of your tax returns. You skip pay stubs and W-2s. The lender checks whether the rent covers the payment. It is the simplest entry point for first-time real estate investors in Maine and Florida.

I review your income, debts, credit, residual income and entitlement to determine how much house fits a VA loan. Full entitlement removes the VA county loan limit, but it does not remove the review of your finances and the property. I arrange primary home loans in Maine and Florida.

A DSCR loan in Portland, ME qualifies you on the rental property's income instead of your personal income. The lender divides expected monthly rent by the monthly loan payment. If the property meets the program's rental coverage requirements, you can qualify with no tax returns and no job verification.

"FHA loans near me" turns up banks, credit unions, and brokers. For an FHA loan in Maine or Florida, a licensed broker like Travis Penny shops many FHA-approved lenders at once instead of selling one menu. That means one application, several pricing options, and a program matched to your file.

To get a mortgage in Portland, ME, start with preapproval. A licensed broker reviews your income, credit, and assets, matches you to a loan program like FHA, conventional, VA, USDA, or DSCR, then shops multiple lenders for your terms. You submit documents, lock a rate, get an appraisal, and close.

A mortgage broker in Maine shops many lenders at once to find your loan, while a bank offers only its own products. A broker compares rates, programs, and guidelines across dozens of investors. That means more options for FHA, VA, DSCR, and self-employed buyers in Portland, ME and Florida.

VA guidelines do not require a down payment for eligible buyers with full entitlement, but closing costs and a funding fee may still apply. I review your entitlement, exemption status and property before explaining the funds needed for a primary home in Maine or Florida.

How a client qualified for a home loan with help from a relative who never lived in the house. What a non occupant co borrower is and who it helps.

A mortgage costs four things bundled into one monthly payment: principal, interest, property taxes, and insurance. Lenders call this PITI. On many loans you also pay mortgage insurance and, in a condo or planned community, HOA dues. The loan payment alone is only part of the real number.

How much you can borrow with an FHA loan depends on two ceilings. First is the FHA loan limit set by county each year. Second is your own budget, which lenders size from your income, debts, and credit. Your approved amount is whichever number comes in lower, never higher.

An FHA loan is best when your credit is under 680 or your savings are thin, because it allows lower scores and a small down payment. It is not best if you have strong credit and cash, since a conventional loan may cost less over time. The right answer depends on your numbers.

FHA cost has four parts: the down payment, an upfront mortgage insurance premium (MIP) added to the loan, an annual MIP paid monthly, and closing costs like appraisal, title, and origination fees. The upfront MIP is currently 1.75% of the loan amount, and closing costs typically run 2% to 5% of the price.

I arrange VA loans for eligible veterans, service members and qualifying surviving spouses buying a primary home in Maine. I review your Certificate of Eligibility, finances and the home's condition, and I confirm whether the funding fee applies to your file.

A bridge loan in Maine lets you buy your next home before your current one sells. Here is how it works, costs, and timing from broker Travis Penny.

A Maine to Florida relocation mortgage lets you finance a Florida home while you still own or are selling in Maine. You qualify on income and assets, not a Florida address. One broker licensed in both states times the sale against the purchase, arranges bridge financing if dates miss, and handles Florida flood zones and condo budgets.