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 almost 4 years ago on . Most recent reply
Looking for Mortgage Help!
Hello Everyone!
Im looking for insight as I put a plan in place to purchase my next property. I am located in Chicago Suburbs and bought my first house in May of 2019 which I house hacked and later converted into a rental as I moved out and purchased my second house (current residence) with my girlfriend. We are on each loan separately and trying to decide the best way to move forward and continue to purchase a minimum of one property per year. So a few questions I have are..
-Should I try to qualify for this next loan on my own and only add her as a co borrower if necessary?
-Can a month to month lease be considered in order to help use rental income to qualify?
-What is a general DTI ratio that I can anticipate a bank to allow for these situations?
Any insight or advice is MUCH appreciated!!!