All Forum Posts by: Brendon Foster

boiling springs bank. have you tried them? they only do NJ 

@Account Closed income producing is valued on comparables. I've worked with brokers that look at the property itself and qualify based on it's income producing ability, not the individual.  Any creditor is going to want to know what the property is worth so they don't lend out more money than is actually needed so yes, they will want to compare it's value to others in the area. 

@Eddie Cottingham you are correct. if they can't find a comparable then it becomes very difficult. My cousin is a realtor for KW in Mobile. my family may have contacts real estate wise in Birmingham so let me know if you need any help 

@Sammie Reynoso you are correct! Anyone on the loan can and will effect the DTI negatively or positively depending on their Indivual situation. And remember if ther credit score is lower,then that's who's score we have to use

Hi Sammie, 

It would affect your eligibility. the same DTI factors apply to a 203k loan to a regular loan

Even if you pay them Directly the lender will still factor them into DTI. your payment doesn't become $150 less it just becomes $150 a month less that your current servicer is letting you take care of directly instead of your one lump sum payment to your servicer.

The issue here will be comparables.

If this is a legal 4 unit property, we would need the appraiser to find other legal four unit properties that are set up the same way. We need to see that this property is common and customary to the area

@Caroline Mitchell so you are looking to purchase his property and give the rental income to him? 

agree 100% with @Chris Mason. 

Market is pretty volatile right now so it's a day by day basis that you may be able to beat that. it's only going to get worst  especially by the feds next meeting so don't wait to long sir.