Financing for Home

[Jerod McCarrell]

Hey everyone! I’m in a “unique” situation and looking for some guidance/advice. I’m currently a second year medical student here in San Antonio. My wife and I are currently home owners as we were able to afford a 250k property in 2021 (both of us were working). However, now that I’m in school, she is the only one working, making around 50k before taxes. We have a good amount of savings and some assets, but having difficulty getting a new loan in order to move out of this home to rent and move into a new home, due to her single income. How might we go about getting funding? Anyone have any options? Making payments is not an issue, just proving “on paper” to a big loan company is the issue. 

[Jay Hurst]

Quote from @Jerod McCarrell:

Hey everyone! I’m in a “unique” situation and looking for some guidance/advice. I’m currently a second year medical student here in San Antonio. My wife and I are currently home owners as we were able to afford a 250k property in 2021 (both of us were working). However, now that I’m in school, she is the only one working, making around 50k before taxes. We have a good amount of savings and some assets, but having difficulty getting a new loan in order to move out of this home to rent and move into a new home, due to her single income. How might we go about getting funding? Anyone have any options? Making payments is not an issue, just proving “on paper” to a big loan company is the issue. 

 @Jerod McCarrell   We do a bridge loans all the time for the following scenario that make help in your case:  You want to rent your departing residence instead of selling however you need the rental income from the house to qualify for the next one. Which of course you cannot get until you move. catch 22.  We will give a bridge loan to allow you to buy the new house, then rent the departing residence, then refinance you  into a conventional loan using the rental income to qualify. 

No idea if that will make your numbers work or not but we have successfully solved similar scenarios to yours using the bridge loan.