Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago,
Seeking primary residence funding
My good friend has been having trouble getting a government backed loan due to debt/income ratio. She gets disability income of 2900.00 month and it will continue. The house she has a contract on is 235k so her housing expense will be about 50 percent.
However, once closed this house has a separate apartment that will rent for no less than $800.00 per month . She has no other debt. She has a credit score of 750. She has an appraisal on the house for 250k but FHA did not go through. She also can put down 10 percent.
She has a foreclosure on record from six years ago that occurred due to her injury.
Do any lenders out there believe she would be able to obtain financing through portfolio lenders and who should we try?
Looking for long term finance at no more than 6 percent.