All Forum Posts by: Account Closed

Maybe an expert can confirm, but I don't think it would be a problem for you to move in a year, but I doubt you could get another FHA loan that quickly.

We could also probably refi and get a much lower payment.

John Suralik Yes it would definitely cash flow well. We paid extra on our principal so our mortgage payment would be lower. Our mortgage payment is $1500 but the minimum this house would rent for is $1800, but probably closer to $2000 because it is nicer than many of the comps. The taxes are a portion of that $1500. I haven't run it through the calculator though. I just hate to waste time renting when all that money could be going toward my own equity.

I could call them and ask them to take it out of deferment, but whether or not it is in deferment has no bearing on my DTI. In other words, if the loan considers DTI, I won't be approved. And as I understand it, all conventional lenders do.

Chris M. What do you mean? My DTI is too high because my lender has to hit me with the debt even though the loans are deferred.

Chris M. They are deferred until May 2017 because I'm a grad student. But my lender told me that the rule has changed and the deferment no longer prevents me from being hit with the debt. J Beard I need to stick with SFR because my current house is quite nice and I couldn't downgrade my wife's lifestyle by house hacking. (I need to live in the next property so I don't have to pay 20% down)

Perhaps a savvy finance expert can help me figure this out. My wife and I have an fha loan on a house we bought two years ago today. We want to rent it out and buy another as a primary residence. We can't get a second FHA loan, and because of my student loans, my DTI is too high. I thought about hard money, but they seem to be contingent on proof that I have done a rehab before, which I haven't. Any ideas?

Glenn, do you have financing nailed down?

Dawn Oishi Gary Wong

Isaac Howell It depends on many things, one of which is whether your income can support a mortgage payment. If you are a college student, I would guess not. Perhaps try to locate deals and pass them on to investors, and ask for a finders fee. I did some of that in college. Just ask people in the area who are seasoned investors what they are looking for and go out and find them. I would pay $500-$1000 for a deal if I closed on it.