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Updated almost 4 years ago on . Most recent reply
Looking for some advices for newbie!
Hi! everyone. I've been listening to the biggerpockets podcast for a little while but I'm new to the biggerpockets community.
I am living in Lynnwood Washington.
I am male turning 29 this year and make around 200k/year. My DTI ratio is about 25%.
(newbie question #1) Do Lenders look at your DTI ratio or amount you owe? Which one do they value more(?)
I really love the househacking ideas so I think that's where I want to start out my journey!
THOUGH.. about 2 months ago I purchased a 2bed 2ba condo in Lynnwood, WA. Before knowing about the whole househacking ideas.
I bought this condo for 375k (appraisal valued at 385k) I did 15% down and got a conventional loan for 30years 3.25% fixed.
My mortgage is $1733.68 (1387.23 princiapl & interest + 282.70 escrow + 63.75 pmi) + $300 (hoa) = $2033.68
I am thinking about either selling or renting out the condo in 10 months (Lender told me since it was primary residence I'd have to live here for at least 12 months.)
I heard $100 profit per unit is totally fine...
(newbie question #2) Do I have to charge a future tenant $2150 in this case? I think it's in great location but rent seems pretty high. What am I missing here?
(newbie question #3) Does 3.5%~5% down FHA loan still exist?
(newbie question #4) Since I got a conventional loan for my first home, Can I still get a FHA loan?
If there are any local loan officer / property manager / real estate agent. I'd want to get help and give my businesses!
Thank you for welcoming and thank you for your time in advance! nice meeting you all.