Posted on: 08th May, 2009 03:20 pm
Posted: Fri May 08, 2009 3:18 pm Post subject: Loan question second home
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Would I be able to qualify for a mortgage loan under the following conditions:
1. I would be buying second home to live in.
2. My first home I would want to rent out
3. I have another home I own free and clear and have a renter in it. Home is worth 660K
4. I am retired and have no other income except social security, retirement, and rental home income.
5. My total income is 6005
6. mortgage now is 1005 + 50/mo home ins and 120/mo prop tax
7 Proposed mortgage on new home is 1279+ 50/mo ins and 300/mo prop tax.
8 Fico is 815
HOW CAN I QUALIFY OR CAN I MAKE THIS WORK??
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Need help choosing the right loan? Get free consultation from community lenders/consultant
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Would I be able to qualify for a mortgage loan under the following conditions:
1. I would be buying second home to live in.
2. My first home I would want to rent out
3. I have another home I own free and clear and have a renter in it. Home is worth 660K
4. I am retired and have no other income except social security, retirement, and rental home income.
5. My total income is 6005
6. mortgage now is 1005 + 50/mo home ins and 120/mo prop tax
7 Proposed mortgage on new home is 1279+ 50/mo ins and 300/mo prop tax.
8 Fico is 815
HOW CAN I QUALIFY OR CAN I MAKE THIS WORK??
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
IT SOUNDS LIKE WE CAN MAKE IT WORK FROM THE INFO GIVENWHAT STATE ARE YOU IN ANDWE CAN HEKP LET ME KNOW
1. When you'd buy this new home and stay there - It would become your primary residence
2. When you would get your initial property rented, it will turn in to an investment property
3. It only adds to your income. Thus, qualification.
4. As long as your debt to income ratio is under the unnacceptable limits of the lender, you are okay.
5,6,7 & 8. This is not adequate information to determine your loan qualification, you would have to discuss your total monthly obligation in detail (Run your credit with the mortgage proffesional you would deal with to understand the precise calculations).
Okay, now the important thing here is the explanation to the underwriter why you want to shift from your older home to a new property which would be your primary residence. Wrie a good detailed letter of explantion to the underwriter explaining him the reason and that should take care of this.
Hope this helps!
2. When you would get your initial property rented, it will turn in to an investment property
3. It only adds to your income. Thus, qualification.
4. As long as your debt to income ratio is under the unnacceptable limits of the lender, you are okay.
5,6,7 & 8. This is not adequate information to determine your loan qualification, you would have to discuss your total monthly obligation in detail (Run your credit with the mortgage proffesional you would deal with to understand the precise calculations).
Okay, now the important thing here is the explanation to the underwriter why you want to shift from your older home to a new property which would be your primary residence. Wrie a good detailed letter of explantion to the underwriter explaining him the reason and that should take care of this.
Hope this helps!
Looking at your income, credit score and Debt to Incoem ratio you are really in a good position to get a loan.
When you go for loan you need to show that you will have no difficulty in renting your First home.
When you go for loan you need to show that you will have no difficulty in renting your First home.
Realgeni, I think it's difficult to guess his DTI with out looking at his credit because he might have a vehicle/personal loans, credit cards etc. He hasn't given any information on this here. Hence, it's not correct to say that his DTI is under the unnacceptable limit.
Please don't take this as offense just a conversation though.
Please don't take this as offense just a conversation though.
Shayneroy. No issues there.