Julia Knurova, a Mortgage Mortgage Originator at MortgageDepot’s Hollywood, FL workplace not too long ago helped a self-employed investor navigate a difficult mortgage state of affairs. The borrower was searching for a cash-out refinance on a single-family residence in Lakeland, FL, which she had acquired lower than six months in the past. This case introduced a number of distinctive challenges.

First, the borrower didn’t have a main residence and lived rent-free, elevating issues about her monetary stability. Moreover, though she initially claimed to have purchased the property with money, it was later revealed that she used a tough cash mortgage, which was not disclosed upfront. Additional complicating the state of affairs, the borrower had a chapter throughout the final seven years, and the property was acquired by way of an arm’s size transaction.

To beat these obstacles, Julia structured a non-QM DSCR mortgage, which is designed for conditions that don’t meet typical mortgage necessities. She secured an exception for the borrower not proudly owning a main residence, acknowledging her standing as an investor. To handle the latest property acquisition, Julia organized for 2 value determinations to show vital enhancements made to the property, permitting for a cash-out refinance regardless of the restricted title seasoning. The DSCR mortgage additionally permitted debtors with a latest chapter, and Julia supplied documentation to show the borrower had no prior affiliation with the property’s earlier proprietor.

By cautious planning and a tailor-made strategy, Julia was in a position to safe the mortgage, enabling the borrower to entry the funds she wanted. This case is a good instance of how inventive options and experience may help debtors overcome complicated financing challenges.