EDU Mortgage EDU

Remy Bressant

40 big girls and a bottle
OT Supporter
Jul 24, 2015
30,662
SoCal
There are no other rules? How would I show projected rent income? Would that be something my mortgage person could produce?
Mortgage guy uses a tool that shows average by county based on the size and what not.
Other rules are the standard underwriting guidelines, have good credit and income and assets.
Again refer to @saabguy for final, there may be changes since I stopped writing loans.
 

conflayz

Banned
May 31, 2018
8,158
dirtydirtysouth
Mortgage guy uses a tool that shows average by county based on the size and what not.
Other rules are the standard underwriting guidelines, have good credit and income and assets.
Again refer to @saabguy for final, there may be changes since I stopped writing loans.
Thats why I asked him. He knows all my information already :mamoru:

I already have a rental, and so I dont know how my income would qualify (because Im poor) and because IF I didnt have tenants I wouldnt be able to afford both mortgages. Of course would have money saved for this set aside, but long term I cannot hold two mortgages.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
Thats why I asked him. He knows all my information already :mamoru:

I already have a rental, and so I dont know how my income would qualify (because Im poor) and because IF I didnt have tenants I wouldnt be able to afford both mortgages. Of course would have money saved for this set aside, but long term I cannot hold two mortgages.
You don't have any current housing expenses, therefore rental income from subject property cannot be used
1639162712132.png

You could do what's called a DSCR loan. Basically you put 25% down, and as long as the projected rental income covers the proposed loan payment, there are no other income requirements or debt-ratio requirements.

Rates & terms are not as good as qualifying the traditional way. But for people who "can't" or don't want to qualify the traditional way, this is an option.
 

conflayz

Banned
May 31, 2018
8,158
dirtydirtysouth
You don't have any current housing expenses, therefore rental income from subject property cannot be used
View attachment 178982

You could do what's called a DSCR loan. Basically you put 25% down, and as long as the projected rental income covers the proposed loan payment, there are no other income requirements or debt-ratio requirements.

Rates & terms are not as good as qualifying the traditional way. But for people who "can't" or don't want to qualify the traditional way, this is an option.
:mad:

So, If I con my bf to put me on the deed to his property would that be acceptable?
 

schmack

Professional Lurker
OT Supporter
Mar 12, 2003
1,629
Any mortgage gurus know if I"m hosed? Bought my new house before selling our old house based on an agreement with the mortgage company that I could recast after the old house sold. I was in the middle of the process when the loan sold to a new mortgage company. I had already wired the money from the old house closing before the loan was sold. How hard will it be to get the new mortgage company to recast?
 

Remy Bressant

40 big girls and a bottle
OT Supporter
Jul 24, 2015
30,662
SoCal
Any mortgage gurus know if I"m hosed? Bought my new house before selling our old house based on an agreement with the mortgage company that I could recast after the old house sold. I was in the middle of the process when the loan sold to a new mortgage company. I had already wired the money from the old house closing before the loan was sold. How hard will it be to get the new mortgage company to recast?
Good luck :rofl:
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
Any mortgage gurus know if I"m hosed? Bought my new house before selling our old house based on an agreement with the mortgage company that I could recast after the old house sold. I was in the middle of the process when the loan sold to a new mortgage company. I had already wired the money from the old house closing before the loan was sold. How hard will it be to get the new mortgage company to recast?
You just gotta call them and explain what happened and see what their policies are. There are no standard guidelines for recasting. Each place sets their own rules...good luck
 
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Menger

OT Supporter
Nov 23, 2011
24,162
could I get a mortgage for the house next to my mother even if my primary residence was a rental in another state? thought about buying it just for the times I visit / weekends.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
could I get a mortgage for the house next to my mother even if my primary residence was a rental in another state? thought about buying it just for the times I visit / weekends.
Yes you can, but it would be considered a 2nd home. Primary vs. 2nd home doesn't depend so much on whether or not you own another home. Your "primary" residence basically needs to allow you to continue your employment that you earn the money to pay back the loan. Someone living and working in FL can't buy a house in CA and claim it's their primary, unless their employer in FL allows them to work remotely. Even if they are only renting in FL and the purchase would be their only owned real estate.
 
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Menger

OT Supporter
Nov 23, 2011
24,162
Yes you can, but it would be considered a 2nd home. Primary vs. 2nd home doesn't depend so much on whether or not you own another home. Your "primary" residence basically needs to allow you to continue your employment that you earn the money to pay back the loan. Someone living and working in FL can't buy a house in CA and claim it's their primary, unless their employer in FL allows them to work remotely. Even if they are only renting in FL and the purchase would be their only owned real estate.
anything special about a mortgage on a second home I would need to know about? It’s a cheap house currently being refurbished, probably sell for 120k when it’s completed… so we aren’t talking about a ton of money.
 
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saabguy

saabguy

Saab-free since 2013. Mortgage guru
OT Supporter
Aug 11, 2003
22,467
Loserville. Population: 1
anything special about a mortgage on a second home I would need to know about? It’s a cheap house currently being refurbished, probably sell for 120k when it’s completed… so we aren’t talking about a ton of money.
FYI 2nd home rates are about to go up pretty significantly. I forgot to respond to this before it looks like. Nothing special to know about. Just look at your current housing expense, any other debts, look at proposed payment on new house, and as long as you qualify, you’re good.
 
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