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Updated about 9 years ago on . Most recent reply

Account Closed
  • Fort Worth, TX
7
Votes |
51
Posts

The 2nd property is the hardest

Account Closed
  • Fort Worth, TX
Posted
Perhaps a savvy finance expert can help me figure this out. My wife and I have an fha loan on a house we bought two years ago today. We want to rent it out and buy another as a primary residence. We can't get a second FHA loan, and because of my student loans, my DTI is too high. I thought about hard money, but they seem to be contingent on proof that I have done a rehab before, which I haven't. Any ideas?

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Linda Weygant
  • Investor and CPA
  • Arvada, CO
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Linda Weygant
  • Investor and CPA
  • Arvada, CO
Replied
Originally posted by @Account Closed:

Chris M.
They are deferred until May 2017 because I'm a grad student. But my lender told me that the rule has changed and the deferment no longer prevents me from being hit with the debt.
J Beard
I need to stick with SFR because my current house is quite nice and I couldn't downgrade my wife's lifestyle by house hacking. (I need to live in the next property so I don't have to pay 20% down)

The part I bolded above is actually more than likely your biggest problem. A romantic partner who isn't a financial partner is the biggest detriment to doing anything. While the best way to improve a DTI ratio is to get more income, the second best way is to pay down the debt. But you can't do it if both partners aren't working towards the same goal.

A partner who isn't willing to downgrade lifestyle in order to achieve mutual goals (ie, cut expenses so more money can go towards debt) is really just a monthly bill that keeps you warm at night.

Either you guys are going in the same direction or you're going apart.  You can't achieve your goals without her help.

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