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Plepue
Guest
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 Posted: Mon Oct 13, 2008 12:05 pm Post subject: Purchasing 2nd Home |
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Like many we are upside down in our current home equity situation. I have a decent income and would like to take advantage of the low home prices to purchase a larger home for my family and rent out my existing home. The general facts are as follows:
Credit Scores: 720-750
Salary Income: $13,000 a month
rental market: about $1600-$1800 a month
Home I would like to purchase: $275,000 with smallest possible down.
Debts (including current mortgage, property taxes, insurance, car payments etc): $5500
I have heard that banks are no longer counting the rental income unless you have significant equity. Without using the rental income my debt ratio may be too high.
Are there any loans out there for someone like me? Where should I look?
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Need help choosing the right loan? Get free consultation from community lenders/consultant |
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Mortgage_Man_X
Guest
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| Posted: Mon Oct 13, 2008 5:54 pm Post subject: I can Help with Your Mortgage! |
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I would love to help with your mortgage.
Marty
[Email address and promotional text deleted as per forum rules. Thanks.] |
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 kpatrick
Joined: 29 Oct 2007
Posts: 156
Location: Atlanta, Georgia
40.89 Dollars($)
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| Posted: Mon Oct 13, 2008 7:19 pm Post subject: |
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Hi Plepue,
You are correct that lenders are tightening down on their guidelines, but there are many zigs and zags to the guidelines, and your best bet is to get together with one of the lenders on this forum (other than Marty--he is a spammer), and they can figure out if there are any options out there for you.
Kim
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For more information on credit repair, please visit my blog, http://creditrepair4u.wordpress.com , or my site, http://freecreditreportnow.org .
(770) 886-3140 |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Mon Oct 13, 2008 8:57 pm Post subject: |
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Hi Plepue!
You have an excellent credit score and I think getting a loan will not be hard for you. But yes, you are correct in saying that lots of rules have come in after the current market situation and lenders are issuing new guidelines to give away loans.
It will be better if you could contact some of the qualified lenders and check the plans they are offering you. This will help you to judge the situation and you will be able to choose the correct one.
Thanks.
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Good is the Enemy of Great. |
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