Creative Real Estate Financing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Updated over 6 years ago,
Trying to get financing idea's - personal mortgage
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?