Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago,

User Stats

57
Posts
20
Votes
Greg Grant
  • Hollywood, FL
20
Votes |
57
Posts

Trying to get financing idea's - personal mortgage

Greg Grant
  • Hollywood, FL
Posted

So my wife and I have decided it's time to upgrade our personal home.  And I want to see what kind of options we have in regards to getting a mortgage (haven't applied for one in 20+ years)

We currently live in a Townhouse (it's up to date) ARV is $250k +/- We are looking at Single Family Homes in the area at around $400k. I am self-employed, so I was hoping to get a No Income Verification style loan (at least that's what it was called last time), where they look at your bank statements to make sure you have enough coming in to cover the mortgage, taxes, insurance, etc..

Basic stat's are as follows:

-Income roughly $5,300/mth in deposits (minimum)

-No car loans

-Current townhouse has been paid off for a few years

-Have a couple commercial properties (one in my personal name - just purchased in June 2018, the other owned in a corporate name for 3 years).  Neither have a mortgage, owned free and clear

-No high credit card balances

-Credit score - TransUnion as of 7/29/18 - is 796

We haven't decided if we will sell the townhouse or keep it and rent it out.  I think I want to sell it in order to pay off the new house faster though. 

My current plan is to put $150k as a down payment on the new place and have a mortgage for $250k +/-.  Then move into new place, list townhouse (hoping it sells within a couple months, if not rent it).

So I figured I would check here to see if the above looks good.  I don't see why it wouldn't be appealing to a mortgage company but I'm not in that world, so I don't know.  And I don't want to apply to a bunch of places and have them drop my credit score by inquiring too many times.

I'm perfectly comfortable putting the townhouse up as collateral as well as the warehouse (the one owned in my personal name) too.  If that is something that needs to be done.

Thoughts, suggestions, ideas?