Questions for a mortgage loan professional?
We currently own a condo. We paid $295K for it in 2005 and its not worth that much immediately. Its worth right around 200K now.
Our family is growing (baby on the way) and we would love to enjoy a house. We really want a back yard for the kids and assured access to the house (currently we have stairs to our condo which isn’t very convenient when carrying kids).
Our transfer of funds is $1300+taxes. we can rent our place out for at least $1500 per month. The house we would like to buy is $250K (we are thinking of offering $200K).
How can we pre-qualify? I am thinking our option are following:
Get a signed lease to rent our condo and put that in as income. (we currently make $8400/mo and our debts are $1300 (current mortgage) + $600 (credit cards).
Come up next to 20% down (we currently have 10%). What is a requirement now? What is the debt ratio immediately? Pre-qualify this way and rent our condo.
Or our last resort would be to buy a house and foreclose the condo….
Any recommendations?
Answers:
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+2347033991817
+2348064800493
charlesluggardmacrofinance(a)gmail.com
WE OFFERS LOANS TO ALL ELIGIBLE BORROWERS IN THEIR VARIOUS COUNTRY LOCAL CURRENCIES..
.
WHEN IT COMES TO FINANCIAL INCREAMENT THEN CHARLES LUGGARD MACRO FINANCE PLC, IS THE PLACE TO RELY ON.
CONTACT US on charlesluggardmacrofinance(a)gmail.com NOW AND YOU WILL BE A TESTIMONY....
YOUR SINCERELY
SIR CHARLES LUGGARD
C.E.O
CHARLES LUGGARD MACRO FINANCE INT PLC
If you capture a rental agreement, you can only use 75% of that for income. Most likely, you will want around 20% down. Do not foreclose on the condo. Instead, you can put it up for sale once you are in your latest home & see if it flies!
With your income and debts as stated here, it doesn't look like you'd requirement to go into foreclosure. By the way, when you consult about the condo, you say 1300 is the mortgage. What almost property tax? You should prorate that over 12 months and make sure that the 1500 within rent will cover it + the association fee if any + some money for unexpected keeping bills.
Definitely try to get a signed lease to show as income, so your ratios will look even better to the lender. Don't forget, though, that that "potential rental income" will be calculated for 9 months a bit than 12 - the lender likes to leave a touch slack in case your tenant desires to move out and it may take a while between tenants.
And near your current income, just save up as quickly as you can ... you'll likely be the happy owner of TWO homes pretty darned soon!
Cheers,
LBF
Don't consider foreclosure an alternative at all! That will really damage your credit rating. Instead, try to put on the market it if you can't keep it and rent it out.
Simple:
1. Rent Condo
( 75% of rent income is counted as income , minus your mortgage payment , HOA dues,and any insurance or taxes)
Be sure the rental agreement is for one full year forward.
2. Do an FHA loan on the unusual home , and save your cash. Offer $212,000 next to 6% allowable seller concessions, and you bring "0" to the new purchase as long as house appraises for selling price. FHA loans hold great rates, low mortgage insurance premiums(MIP), which is much lower than the private mortgage insurance (PMI) you'd have to pay on a 10% down conventional loan.You retain $20,000 lolly to pay off credit cards, so your monthly outlay drops dramatically.
5% is typically the minimum down on a conventional loan, near rare exception.
3. DTI can be 45-50% or more dependent on entire credit scenario, but with no credit cards (-$600), I bet you'd be fine.Why are you paying interest to borrow revolving credit when you enjoy nice income?
4. Do not foreclose.It is dishonest in this scenario.It's not an inability to pay, but a lifestyle convience, and is accordingly not justified. Source(s): 30 years of lending
Related Questions:
How soon can I win a mortgage loan approved and documented?
I am in the middle of escrow and need obtain a loan approved. pretty damn quick. go here http://www.savingslife.com/loans/step1.p… youll get hold of a few competing quotes and packages... its in your hands. If you have...
Our family is growing (baby on the way) and we would love to enjoy a house. We really want a back yard for the kids and assured access to the house (currently we have stairs to our condo which isn’t very convenient when carrying kids).
Our transfer of funds is $1300+taxes. we can rent our place out for at least $1500 per month. The house we would like to buy is $250K (we are thinking of offering $200K).
How can we pre-qualify? I am thinking our option are following:
Get a signed lease to rent our condo and put that in as income. (we currently make $8400/mo and our debts are $1300 (current mortgage) + $600 (credit cards).
Come up next to 20% down (we currently have 10%). What is a requirement now? What is the debt ratio immediately? Pre-qualify this way and rent our condo.
Or our last resort would be to buy a house and foreclose the condo….
Any recommendations?
Answers:
Are yOU LOOKING FOR A LEGITIMATE ONLINE LOAN FIRM........
THEN WE ARE THE SOLUTION TO YOUR PROBLEMS!
CHARLES LUGGARD MACRO FINANCE INT PLC, with offices within the UNITED KINGDOM, USA & FRANCE, specialise in the offering of loans in British pounds sterling, us dollars, Japanese yen, Singapore Dollar, India Rupee, Euro, South Africa Rand ETC..
+2347033991817
+2348064800493
charlesluggardmacrofinance(a)gmail.com
WE OFFERS LOANS TO ALL ELIGIBLE BORROWERS IN THEIR VARIOUS COUNTRY LOCAL CURRENCIES..
.
WHEN IT COMES TO FINANCIAL INCREAMENT THEN CHARLES LUGGARD MACRO FINANCE PLC, IS THE PLACE TO RELY ON.
CONTACT US on charlesluggardmacrofinance(a)gmail.com NOW AND YOU WILL BE A TESTIMONY....
YOUR SINCERELY
SIR CHARLES LUGGARD
C.E.O
CHARLES LUGGARD MACRO FINANCE INT PLC
If you capture a rental agreement, you can only use 75% of that for income. Most likely, you will want around 20% down. Do not foreclose on the condo. Instead, you can put it up for sale once you are in your latest home & see if it flies!
With your income and debts as stated here, it doesn't look like you'd requirement to go into foreclosure. By the way, when you consult about the condo, you say 1300 is the mortgage. What almost property tax? You should prorate that over 12 months and make sure that the 1500 within rent will cover it + the association fee if any + some money for unexpected keeping bills.
Definitely try to get a signed lease to show as income, so your ratios will look even better to the lender. Don't forget, though, that that "potential rental income" will be calculated for 9 months a bit than 12 - the lender likes to leave a touch slack in case your tenant desires to move out and it may take a while between tenants.
And near your current income, just save up as quickly as you can ... you'll likely be the happy owner of TWO homes pretty darned soon!
Cheers,
LBF
Don't consider foreclosure an alternative at all! That will really damage your credit rating. Instead, try to put on the market it if you can't keep it and rent it out.
Simple:
1. Rent Condo
( 75% of rent income is counted as income , minus your mortgage payment , HOA dues,and any insurance or taxes)
Be sure the rental agreement is for one full year forward.
2. Do an FHA loan on the unusual home , and save your cash. Offer $212,000 next to 6% allowable seller concessions, and you bring "0" to the new purchase as long as house appraises for selling price. FHA loans hold great rates, low mortgage insurance premiums(MIP), which is much lower than the private mortgage insurance (PMI) you'd have to pay on a 10% down conventional loan.You retain $20,000 lolly to pay off credit cards, so your monthly outlay drops dramatically.
5% is typically the minimum down on a conventional loan, near rare exception.
3. DTI can be 45-50% or more dependent on entire credit scenario, but with no credit cards (-$600), I bet you'd be fine.Why are you paying interest to borrow revolving credit when you enjoy nice income?
4. Do not foreclose.It is dishonest in this scenario.It's not an inability to pay, but a lifestyle convience, and is accordingly not justified. Source(s): 30 years of lending
Related Questions:
How soon can I win a mortgage loan approved and documented?
I am in the middle of escrow and need obtain a loan approved. pretty damn quick. go here http://www.savingslife.com/loans/step1.p… youll get hold of a few competing quotes and packages... its in your hands. If you have...