Posted on: 29th Sep, 2009 08:04 am
I have two questions.
1. For a conventional 80-10-10 loan, does the piggyback loan get counted against u? In other words, is the ratio affected because you now have essentially 2 mortgages? So you would add mortage 1 + mortgage 2 + taxes and compare that against lets say 45% of your income?
2. If you plan to buy a single family house can you say you are going to have a roommate and have them sign a lease. And that will be counted towards your income ratio?
1. For a conventional 80-10-10 loan, does the piggyback loan get counted against u? In other words, is the ratio affected because you now have essentially 2 mortgages? So you would add mortage 1 + mortgage 2 + taxes and compare that against lets say 45% of your income?
2. If you plan to buy a single family house can you say you are going to have a roommate and have them sign a lease. And that will be counted towards your income ratio?
i've partially answered #2 already a moment ago. but here goes for this specific question: no you cannot get a roommate for a single family home and charge rent.
as for question number 1, yes - all debt is taken into account. a first mortgage and a second mortgage plus all other property-related expenses are considered in your debt ratio.
as for question number 1, yes - all debt is taken into account. a first mortgage and a second mortgage plus all other property-related expenses are considered in your debt ratio.