Anyone having financing trouble right now?

[Tim James R.]

Hey everyone,

Looking for some advice. My girlfriend and I are currently looking to purchase a 3 to 4 unit under $300k and am wondering what kind of road blocks we’ll be heading into finance-wise.

Our situation currently is, we are house hacking a condo. Besides the very little i do personally pay for the condo, the only other items I have under my credit are my car and about $18k in credit card debt. We have $20k for a down payment and want to have $10k in reserves before we pull the trigger. I have a 740 credit score and between the two of us, we make about $150k per year.

Does anyone think we’ll run into issues with financing seeing how I already own a condo?? Or any other issues anyone can think of?

Any advice would be greatly appreciated!

[Colleen F.]

You have 18 thousand in Credit Card debt. Might be an issue.  Also do you have a car payment.?  and if you are buying with your girlfriend what is her debt?  They look at Debt to Income.  If it is the two of you it will be both your debt and both your income and the lower of the two credit scores. 

Would you live in the new property? If you won't live there you will need 20% down.  How far is the new property from the condo?  That will factor in to whether it is a second residence if you decide to live there. (or it could be GF primary)  Why don't you talk to a lender to see what you qualify for based on how you structure it. There is are alot of different ways to structure it and its unclear what you are proposing.