Posted on: 15th May, 2011 11:37 am
Hello,
I am a home owner now. My wife also has a home under her name which I co signed on. So we each have a home in our name. We have good jobs stable and verifiable income. The house under my name is rented and covers its on expenses from its income and the house my wife and I live in is a 2 family unit with income from one unit and the other we live in. We would like to buy another home. once we buy If we can?) we will also rent the second unit that we live in now in our 2 family house. So with the situation, is there a bank that we should contact. Please help.
Thank you
Jay
I am a home owner now. My wife also has a home under her name which I co signed on. So we each have a home in our name. We have good jobs stable and verifiable income. The house under my name is rented and covers its on expenses from its income and the house my wife and I live in is a 2 family unit with income from one unit and the other we live in. We would like to buy another home. once we buy If we can?) we will also rent the second unit that we live in now in our 2 family house. So with the situation, is there a bank that we should contact. Please help.
Thank you
Jay
Hi Jay,
You may be able to buy a third home. However, if order to get a mortgage for a 3rd home, you should have excellent income and credit scores. You should contact your local lenders and apply for a mortgage. If you meet the required criteria of the lender, you will be able to get a mortgage. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you with a loan.
Thanks
You may be able to buy a third home. However, if order to get a mortgage for a 3rd home, you should have excellent income and credit scores. You should contact your local lenders and apply for a mortgage. If you meet the required criteria of the lender, you will be able to get a mortgage. This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you with a loan.
Thanks
Hi Jay,
To be able to qualify for the new home, you would need to have reported your rental income on your tax returns to be eligble to use this income. Also the properties must not be underwater, as they should have 30% equity in them. If there is not enough equity, then you might have to qualify with all the mortgage payments, excluding the rental income. Please contact me if you would like some more information. Good Luck
To be able to qualify for the new home, you would need to have reported your rental income on your tax returns to be eligble to use this income. Also the properties must not be underwater, as they should have 30% equity in them. If there is not enough equity, then you might have to qualify with all the mortgage payments, excluding the rental income. Please contact me if you would like some more information. Good Luck
This sounds workable, and Chris' advice seems right on. Assuming you have reported rental income, feel free to contact me and I can offer some advice on mortgage companies to use (assuming you are not in my area, in which case I would recommend myself of course!).
Good luck
Dan Maggin
[Contact details deleted as per forum rules. Thanks.]
Good luck
Dan Maggin
[Contact details deleted as per forum rules. Thanks.]
Yes.. Sounds good. But a lender will give a better suggestion regarding this.